Are these benefits from my employer good ?

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jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Are these benefits from my employer good ?

Post by jayk238 » Wed Jan 17, 2018 3:55 pm

Just read through employee manual for thr first time for a new job. Are these benefits good or do I need to get something separately?

Is there anything else you guys have that I should consider getting because they dont offer?

Health insurance - not much choice but ill include for you to compare -3600 for me and spouse. No deductible 80% covered for first 5k each. Thereafter fully covered.
20 dollar copay for pcp and 40 for specialist.

Dental -bite wings cleanings exams q6mo 360 a year delta dental and all other stuff at 60% and braces up to 1500

Vision - eye exams at 60% coverage lenses 60% and contacts 60% at 300 year

401k 6%

Life insurance free for my salary amount. 1million costs 60 a month

Disability
-short term fully covered free. Defined as 13 weeks. Must have cigna approve

Long term - 10k a month covered until 65 years. Must make efforts to work in some job even if i cant do primary job and if i cant do that either then coverage will take place. My job is cognitive so i cant imagine too many scenarios where i cant do my line of work and be able to do something else. No cost to me

Legal services at 140 a year. Includes mortgages closing opening fees of home, pretty much everything else other than divorce and anything employer related tort class action or litigation against other corporations.

delamer
Posts: 3622
Joined: Tue Feb 08, 2011 6:13 pm

Re: Are these benefits from my employer good ?

Post by delamer » Wed Jan 17, 2018 4:34 pm

The issue with long-term disability and life insurance is that individual policies are cheaper to buy when you are younger.

So if you lose your job when you are older and you lose those work-provided benefits, it may be very expensive to replace them with individual policies.

We always had individual life insurance policies in addition to any provided by our jobs. (We never bought individual disability policies and fortunately that did not impact us. But I would not necessarily recommend taking that risk to others.)

TheHouse7
Posts: 287
Joined: Fri Jan 13, 2017 2:40 am

Re: Are these benefits from my employer good ?

Post by TheHouse7 » Wed Jan 17, 2018 4:43 pm

I just got 20 year term life for my first kid, outside of work

Costco executive membership gets the best rate.
"PSX will always go up 20%, why invest in anything else?!" -Father-in-law early retired.

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Wed Jan 17, 2018 4:49 pm

What did you spend

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Wed Jan 17, 2018 4:49 pm

delamer wrote:
Wed Jan 17, 2018 4:34 pm
The issue with long-term disability and life insurance is that individual policies are cheaper to buy when you are younger.

So if you lose your job when you are older and you lose those work-provided benefits, it may be very expensive to replace them with individual policies.

We always had individual life insurance policies in addition to any provided by our jobs. (We never bought individual disability policies and fortunately that did not impact us. But I would not necessarily recommend taking that risk to others.)
Thanks. Excellent suggestion!

barc0040
Posts: 6
Joined: Mon Apr 13, 2015 2:24 pm

Re: Are these benefits from my employer good ?

Post by barc0040 » Thu Jan 18, 2018 5:21 pm

These benefits look pretty standard from my experience.

JBTX
Posts: 2276
Joined: Wed Jul 26, 2017 12:46 pm

Re: Are these benefits from my employer good ?

Post by JBTX » Thu Jan 18, 2018 6:23 pm

jayk238 wrote:
Wed Jan 17, 2018 3:55 pm
Just read through employee manual for thr first time for a new job. Are these benefits good or do I need to get something separately?

Is there anything else you guys have that I should consider getting because they dont offer?

Health insurance - not much choice but ill include for you to compare -3600 for me and spouse. No deductible 80% covered for first 5k each. Thereafter fully covered.
20 dollar copay for pcp and 40 for specialist.

Dental -bite wings cleanings exams q6mo 360 a year delta dental and all other stuff at 60% and braces up to 1500

Vision - eye exams at 60% coverage lenses 60% and contacts 60% at 300 year

401k 6%

Life insurance free for my salary amount. 1million costs 60 a month

Disability
-short term fully covered free. Defined as 13 weeks. Must have cigna approve

Long term - 10k a month covered until 65 years. Must make efforts to work in some job even if i cant do primary job and if i cant do that either then coverage will take place. My job is cognitive so i cant imagine too many scenarios where i cant do my line of work and be able to do something else. No cost to me

Legal services at 140 a year. Includes mortgages closing opening fees of home, pretty much everything else other than divorce and anything employer related tort class action or litigation against other corporations.
Those seem like pretty good benefits. Maybe standard for a very large company with a lot of office staff but certainly better than average compared to the universe of employers. No deductible is pretty unusual.

I’ve never worked for a company that actually paid long term disability. That is unusual.

Is that 6% employee contribution level for 401k or 6% match? 6% match is very good.

1 million for $60 a month is pretty good unless you are under 35ish then you may be able to do better.

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Thu Jan 18, 2018 6:32 pm

6% match. Sorry for confusion.

Im 31.
The best ive found so far is 55 for a million- allstate. Where can I find better offers

Traveler
Posts: 528
Joined: Fri Aug 30, 2013 9:07 pm

Re: Are these benefits from my employer good ?

Post by Traveler » Thu Jan 18, 2018 7:42 pm

Seem pretty standard/decent. I work for a megacorp and here is a quick summary of my primary benefits:
Medical: premium $18 per year, $2000 deductible, $3500 out of pocket max for a single person
Dental: no premium, coverage up to $1500 per year, includes two regular cleaning exams and one set of xrays
STD: no cost
LTD: this varies by pay, covers 60% of base salary until age 65 and I"m not sure if it's own occ or any occ
401K: 3.5% match of base salary
Pension: 6% of base+bonus income employer contribution into a very conservative T-bill fund
Vision changed this year and I don't recall the level I selected

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Thu Jan 18, 2018 7:52 pm

Traveler wrote:
Thu Jan 18, 2018 7:42 pm
Seem pretty standard/decent. I work for a megacorp and here is a quick summary of my primary benefits:
Medical: premium $18 per year, $2000 deductible, $3500 out of pocket max for a single person
Dental: no premium, coverage up to $1500 per year, includes two regular cleaning exams and one set of xrays
STD: no cost
LTD: this varies by pay, covers 60% of base salary until age 65 and I"m not sure if it's own occ or any occ
401K: 3.5% match of base salary
Pension: 6% of base+bonus income employer contribution into a very conservative T-bill fund
Vision changed this year and I don't recall the level I selected
you pay only 18 dollars a year for health? !!!

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Thu Jan 18, 2018 7:55 pm

Traveler wrote:
Thu Jan 18, 2018 7:42 pm
Seem pretty standard/decent. I work for a megacorp and here is a quick summary of my primary benefits:
Medical: premium $18 per year, $2000 deductible, $3500 out of pocket max for a single person
Dental: no premium, coverage up to $1500 per year, includes two regular cleaning exams and one set of xrays
STD: no cost
LTD: this varies by pay, covers 60% of base salary until age 65 and I"m not sure if it's own occ or any occ
401K: 3.5% match of base salary
Pension: 6% of base+bonus income employer contribution into a very conservative T-bill fund
Vision changed this year and I don't recall the level I selected
so you get 3.5% 100% match and 6% pension? is that fair to say you get 9.5% match then? how does the pension system work?

david
Posts: 99
Joined: Thu Jan 03, 2013 12:39 am

Re: Are these benefits from my employer good ?

Post by david » Thu Jan 18, 2018 7:59 pm

jayk238 wrote:
Wed Jan 17, 2018 3:55 pm
Just read through employee manual for thr first time for a new job. Are these benefits good or do I need to get something separately?

Is there anything else you guys have that I should consider getting because they dont offer?

Health insurance - not much choice but ill include for you to compare -3600 for me and spouse. No deductible 80% covered for first 5k each. Thereafter fully covered.
20 dollar copay for pcp and 40 for specialist.

Dental -bite wings cleanings exams q6mo 360 a year delta dental and all other stuff at 60% and braces up to 1500

Vision - eye exams at 60% coverage lenses 60% and contacts 60% at 300 year

401k 6%

Life insurance free for my salary amount. 1million costs 60 a month

Disability
-short term fully covered free. Defined as 13 weeks. Must have cigna approve

Long term - 10k a month covered until 65 years. Must make efforts to work in some job even if i cant do primary job and if i cant do that either then coverage will take place. My job is cognitive so i cant imagine too many scenarios where i cant do my line of work and be able to do something else. No cost to me

Legal services at 140 a year. Includes mortgages closing opening fees of home, pretty much everything else other than divorce and anything employer related tort class action or litigation against other corporations.
Are you paying the 3600, is pretty decent (to include the spouse). How much is it for you alone? (I buy me wife and child's coverage on the exchange, and get personal coverage from work).
360 a year for dental, depends on how much you expect to use. Seems like a market price for this kind of plan.
Vision - seems expensive. I get my eyes checked at Costco, and buy my glasses online. FAR less than 300 (for me and my wife a year).

On life insurance, check out https://www.term4sale.com/

Legal services, meh. The devil is really in the details here. It's typically a small list of attorneys for a limited amount of time.

jayk238
Posts: 223
Joined: Tue Jan 31, 2017 1:02 pm

Re: Are these benefits from my employer good ?

Post by jayk238 » Thu Jan 18, 2018 8:20 pm

david wrote:
Thu Jan 18, 2018 7:59 pm
jayk238 wrote:
Wed Jan 17, 2018 3:55 pm
Just read through employee manual for thr first time for a new job. Are these benefits good or do I need to get something separately?

Is there anything else you guys have that I should consider getting because they dont offer?

Health insurance - not much choice but ill include for you to compare -3600 for me and spouse. No deductible 80% covered for first 5k each. Thereafter fully covered.
20 dollar copay for pcp and 40 for specialist.

Dental -bite wings cleanings exams q6mo 360 a year delta dental and all other stuff at 60% and braces up to 1500

Vision - eye exams at 60% coverage lenses 60% and contacts 60% at 300 year

401k 6%

Life insurance free for my salary amount. 1million costs 60 a month

Disability
-short term fully covered free. Defined as 13 weeks. Must have cigna approve

Long term - 10k a month covered until 65 years. Must make efforts to work in some job even if i cant do primary job and if i cant do that either then coverage will take place. My job is cognitive so i cant imagine too many scenarios where i cant do my line of work and be able to do something else. No cost to me

Legal services at 140 a year. Includes mortgages closing opening fees of home, pretty much everything else other than divorce and anything employer related tort class action or litigation against other corporations.
Are you paying the 3600, is pretty decent (to include the spouse). How much is it for you alone? (I buy me wife and child's coverage on the exchange, and get personal coverage from work).
360 a year for dental, depends on how much you expect to use. Seems like a market price for this kind of plan.
Vision - seems expensive. I get my eyes checked at Costco, and buy my glasses online. FAR less than 300 (for me and my wife a year).

On life insurance, check out https://www.term4sale.com/

Legal services, meh. The devil is really in the details here. It's typically a small list of attorneys for a limited amount of time.
yes I will be paying the 3600. I think just for me was bw 1600-2200 I cant recall though - maybe cheaper.

CppCoder
Posts: 729
Joined: Sat Jan 23, 2016 9:16 pm

Re: Are these benefits from my employer good ?

Post by CppCoder » Thu Jan 18, 2018 9:22 pm

Those benefits look pretty good to me. I have seen better, but I've seen many that are far worse.

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