Health insurance for a career changer
I am transitioning out of the military with a wife and kids. I have am in the final stages of interviewing with a few IB firms and (knock on wood) will have an internship this summer. Assuming I get an offer out of an internship I would start working after I complete the second year of my MBA. That will coincide with me getting out of the military. (For those with experience with military I was active then when I did my MBA switched to reserve)
This will sound dumb to a lot of people, but this is the first time in my life the government won’t be providing me healthcare. What do healthcare benefits look like for most bankers? No detail is too small. I am not really concerned about it, but my wife is very concerned about it with our kids. I would love to know what info you guys have. Thanks.
You’ll typically have a couple of of plan options (HDHPs on down) to pick from, but generally it’s good-to-excellent, for both you and your family. Spitballing a bit, but if you keep care in-network, you probably won’t crack $5k OOP in a disastrous health year (maybe twice that if you go out). Premiums are usually heavily subsided (or even totally) by your employer, so maybe another $100 a month in those?
Make sure you sign up for and max out your HSA if it’s offered with your plan. Otherwise, don’t sweat it.
Thanks. I really appreciate it. While there are a million horror stories online about military healthcare, the truth is that it is pretty great and you never have to think about any of this stuff.
Many MMs, EBs provided employer-paid HDHP plans and offer bankers the opportunity to purchase traditional HMO/PPO style plans if they want to contribute. I've got kids and although there are some years it seems like the latter would have been a better choice, the overall HSA contributions have made the HDHP choice a winning option. Some banks also provide HSA contributions to eligible employees/families.
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