Part of my compensation package is employer-provided insurance. They will not provide the compensation in any other form (cash.)
So this is specific to your employer? Because I know a lot of people who were under the impression their insurance was “part of the package” and that they “had to get it through work.” Both patently false. I’m sure SOME places have it rigged up like that, I just haven’t encountered it. Have you clarified this with HR?