Joy Doyle, Career Development Personal Finance Series 301, 2/25/14

Transcription

1 Joy Doyle, Career Development Personal Finance Series 301, 2/25/14

2

3 Bring on the Benefits what to know about your offer Soft Offer Initial offering of the job Hard offer and/or letter that reiterates the job offer and lists the compensation and benefits package Look it over in detail! It s okay to negotiate within reason

4 Single/Family Health Coverage: Fully insured medical coverage A variety of carriers offer health insurance Affordable Care Act Government Mandate State/Federal Exchange Program offerings Dental Insurance - optional Vision Insurance - optional

5 Things to Know about Your Plan: Deductibles The amount you pay before the plan begins to pay Out of Pocket Limit The most you could pay in a year for your share of covered services (doesn t include copays and deductibles) Co-Insurance Your percentage share of the cost for covered services Services Covered under your plan Spinal Manipulations /Chiropractic Visits Prescription Plan Options

6 Holidays a list of days in which the company is closed or your position is eligible for a day off (paid or unpaid) Vacation/Paid time off (PTO) if applicable, a number of days/hours that you will be given/earn within a certain time period Could be prorated your first year May have to pay it back if use the time off and then leave the company before the days have been earned

7 Tuition Remission Some companies grant partial or full benefits for continued education (2 nd degree, master s degree). Conditions and stipulations for approval may apply. Consider: May need to write a proposal to address why Benefits may be taxable (1098-T) Books, labs, etc. may not be covered

8 Basic Group Life Insurance Basic Group Life Insurance that would provide a monetary benefit to your beneficiary of choice (spouse, child, parent) in the event that you pass away One (1) to two (2) times your base wage, usually with a maximum limit Sometimes Accidental Death & Dismemberment Insurance (AD&D) is provided. Life insurance benefit provided in the event of loss of limb(s) or death while on the job.

9 Dependent Life Insurance Voluntary An election can be made at hire or during open enrollment. Limited coverage options may be exist for coverage of spouse or dependent child/ren Voluntary Term Life Insurance (Supplemental) Coverage is for employee, spouse or dependents. At time of first eligibility, there is usually a guaranteed issue amount available. Rates vary.

10 Supplemental Insurance Supplemental insurance policies for situations such as cancer, accident and critical illness through aftertax payroll deductions. Workers Compensation: Medical coverage is provided for injuries sustained on the job. Partial wage coverage is available if employee is unable to work.

11 Employer Sponsored Retirement Plan Pre-tax contributions to the account Possibility that there will be a mandatory employee contribution of x%. Potential dollar for dollar match up to a certain dollar amount or %. Immediate or delayed vesting. Employee has active investment control. Option for supplement retirement with higher contributions but no match.

12 Short-term Medical Leave Time off (paid or unpaid) for an employee who becomes disabled. Understand and be aware of Family and Medical Leave Act Long-term Disability Certain % of annual wages are granted if employee is unable to perform duties of the job after 6 months. Cost associated with the plan

13 Flexible Spending Accounts SAVES YOU $$$ You set aside pre-tax dollars for unreimbursed medical or dependent care expenses, deductibles, co-pays, coinsurance, etc. Deductions are taken from your paycheck before taxes are computed for the entire year Potential of LOWERING your taxes and INCREASING spendable income!

14 Initial Enrollment Period Open Enrollment Period Once a year, election period Be sure to turn in all necessary documentation or complete online forms by specified date Effective Dates of Coverage Time period in which your coverage is effective May be calendar year or fiscal year **Ask questions when information is unclear! Better to know than to be surprised later!