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$22k more pay, $3k higher deductible. The numbers are one-sided, taxes or no taxes. Decline the job offer if you want but you don't appear to have a lick of common sense.
You do know that some the $22,000 is taxed right?
The HDHP only pays for preventive services without having to meet the deductible.
AFter you meet the deductible,the plan pays 70% coinsurance.
Last edited by jerseygal4u; 07-13-2021 at 07:14 AM..
The HDHP only pays for preventive services without having to meet the deductible.
AFter you meet the deductible,the plan pays 70% coinsurance.
I know you haven't actually done the math. Put a number on it. It isn't going to be anywhere near the $19k difference. Especially with 4 kids.
You paid $1000 last year so you already have some deductible so the $3k is not completely additional. You'll pay $170/mo less so there's $2k of it back right there.
Go ahead and lay out the math with real numbers. How much will you net at current job less healthcare and how much will you net at new job less healthcare? Do the math and put concrete numbers to it.
Is the market rate $11/hr pay hike? If it is the market rate, I would keep applying for more jobs. Even if you get an interview, you should not stop applying. The job isn't locked down, until your first day of work.
If the new job offer is paying above market rates, the numbers favor the new job.
The bronze plan is $101/biweekly. There is a $6000 deductible individual and $7500 family. They pay 60% connsurance, im on the hook for the 40% coninsurance after deductible.
The silver plan is $389/biweekly. There is a $3000 deductible for individual and $6000/family. They pay 70% coinsurance and I am on the hook for the 30%. This plan does have an HRA fund of $2000 that comes with it.
Every plan, whether it is an HDHP or a traditional PPO, has deductibles and co-insurance. If you shop around on your own you're going to run into the same issues that you seem to be trying to avoid.
Why not simply take half of the $11/hour raise and put that towards your HRA? You'll have it funded well in no time. Win/win.
The bronze plan is $101/biweekly. There is a $6000 deductible individual and $7500 family. They pay 60% connsurance, im on the hook for the 40% coninsurance after deductible.
The silver plan is $389/biweekly. There is a $3000 deductible for individual and $6000/family. They pay 70% coinsurance and I am on the hook for the 30%. This plan does have an HRA fund of $2000 that comes with it.
What a huge difference in premiums. $7500/yr difference. More than the total deductible. I'd go with bronze. Especially for a family as the total deductible is not much more and the co-pay is only 10% more.
Bronze plan = $2600 premium + $7500 deductible = $10100/yr
Silver plan = $10100 premium + $6000 deductible - $2000 HRA contribution = $14100/yr
What are the out of pocket maximums again for each plan? Does seem like the bronze makes more sense.
As others suggested do the same math as above for your current plan from the state marketplace. What amount do you come up with there? Even going crazy and assuming your current insurance costs you nothing, getting a raise of $22k and paying out the additional $14k for the silver plan still nets you $8k more a year. The reality is you'll be netting even more than that.
Right now for taxes I assume you can do an itemized deduction of the income spent on state marketplace plan? With the employer plan those premiums get taken out pre-tax. So I don't think it's going to make a big difference in your tax liability.
Bronze plan = $2600 premium + $7500 deductible = $10100/yr
Silver plan = $10100 premium + $6000 deductible - $2000 HRA contribution = $14100/yr
What are the out of pocket maximums again for each plan? Does seem like the bronze makes more sense.
I missed the $2k HRA but the numbers still favor bronze unless there is a catastrophic event. She said $15k max OOP for the bronze ($3000 deductible) but didn't say for the silver. So $15k - $3k = $12k at 40% co-pay would mean total expenses of $30k or more. All we need is the silver OOP to calculate if the 10% difference in co-pay can make up the difference in premiums.
The silver OOP max is not listed. It says "embedded".
I think I am going to go with my 3rd option.
Work both jobs.
To be eligible for the same benefits I have now at my current job,I just need to work 30 hours/week. I will most likely work 5 hours Mon-Fri. It is not a physical job so it is doable.
Or I could work 16 hours a week and be eligible for their minimum enhanced coverage plan by Nationwide with my current company,and also enroll in the Bronze plan at the new job.
The HDHP only pays for preventive services without having to meet the deductible.
AFter you meet the deductible,the plan pays 70% coinsurance.
Lets assume your federal income tax is 20%, state 5%, FICA/Medicare 7.65%. That leaves 67.35% net.
$22,000 * .6735 = $14,817 extra net pay. Subtract $3,000 medical deductibles, leaves $11,817.
I truly do not care if you leave $11,817 a year on the table. Do you?
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