I'm making mediocre salary (below average) and the best part is, the cost to keep the insurance benefits has skyrocketed (Close to $1,000 per month for family coverage health/dental/vision)... I am paying more than twice in comparison to my peers and colleagues at other banks. I'm starting to wonder how many of you banking folks out there would consider looking elsewhere based on the ridiculously expensive insurace premium.
that is a crazy amount to pay for insurance. You might as well take out your own policy for that price. Have you asked your employer why the insurance is so high, how much the employer covers, etc.?
Has your employer tried to shop the coverage? That is very high, over market.
If they have no good answers, and you can find another opportunity, even at same salary, a more nominal insurance cost would create a big raise.
Most of the banks in my area pay 2/3 of the cost and employees foot 1/3. If that were to suddegenly change to where I'm paying all, yes, I would consider changing for that, or shopping my own. At $1,000 a month, it sounds like the bank is no longer paying a portion, you are paying it all.
Agree with Straw that your HR department is the first place to go and ask why. Although they should have provided you notice prior to your enrollment period detailing cost, changes, etc.
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Providing alternative truths since the invention of time
Just take into account the fact that insurance is a part of overall compensation. Sure you could look elsewhere(new job) but how do your peers salaries' compare to yours?
Would you take a cut in pay, just to have cheaper insurance? And what about the quality of insurance - do you have awesome coverage whereas your peers have to travel to Tijuana to have a procedure done?
Just some things to consider
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I'll be in the hospital bar. Uh, you know there isn't a hospital bar, Mother. Well, this is why people hate hospitals.
Check out private insurance options before you change jobs, unless you have other reasons for moving or another opportunity available. There are many ways to reduce the cost. Your employer may be providing a cadillac plan, which would explain the high deductibles compared to other banks. If you don't want to pay for that, there are many less expensive (though not inexpensive) individual insurance options, including high deductible health plans with an HSA. Often you can cover the deductible with the savings on the monthly premium, and then some.
Unless the bank's portion of the premium now ends up on your W2 (my last experience with employer-paid benefits was in 1997), you would get a double benefit from changing employers with a salary cut to get a cheaper insurance premium. By switching some of your compensation from taxable income to benefits, your income taxes, (state and federal) will go down.
#1632832 - 11/29/1112:20 AMRe: What would you do...? Richard Insley
Anonymous
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Just curious what some of you are paying for insurance for your family? Can you post it here so we can get an idea of how much others in the banking industry have to pay for their families. At my bank I have to pay $865.00 for medical, dental & vision for husband & children. Curious what others pay for that. Thanks!
These are our prices for 2012. Our HR department assured us that it is getting a lot more difficult to find reasonable pricing to maintain the cost for the employees and the bank. We are coming off of two years on a high dedutible plan, which the bank thought would be better for their costs but turned out that we had a lot of claims the last two years so we are backk to a standard EPO with co pays.
$30 copay for doctor $50 copay for specialist $100 copay for outpatient surgery $500 copay for inpatient surgery (employer reimburses 50% back to employee) $100 copay ER $40 copay Urgent Care Percriptions: $10/$30/$50
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My opinion is mine only- not my employer's!
Wow.....that's very reasonable compared to what we pay!
Believe me....we expected far worse and I think our HR department did as well when the talks first started. They actually told us to be prepared to see at least a 30% increase. We have an agency that wheels and deals on our behalf so I guess they've done good this year in comparison to what others are saying. On the same token, the last two years weren't too pleasant on the high deductible plans for us-- there was a lot of confusion, a lot of bills, a lot of money. When the pharmacy calls you and says um..."your perscription is $430 (maintenance meds) and your insurance isn't covering it" it hits your pocket book HARD.
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My opinion is mine only- not my employer's!