I have accepted an Investment Banking Analyst offer with a BB. I just looked at the benefits package and they say that I have to pay for my health insurance (or perhaps part of it?) through my paycheck; it's not included on top of the salary.
Is this typical? I thought most jobs have health insurance included, let alone a high level job like IB.
They have offered two different health insurance packages and they are talking about how one will reduce my paycheck more than the other because one has more benefits than the other. This strikes me as weird because doesn't health insurance cost like 14k?
Yes....they are still paying a substantial portion of your coverage...so much of it is included on top of your salary.
It is quite rare to find a job that covers 100% of your insurance these days. My first job at a boutique s&t firm did but large public companies are definitely not going to foot the entire bill.
Thanks. Could I get a second opinion on this as well? I'm incredibly skeptical that this is the norm.
I believe it is standard to pay a portion of health insurance at large banks. I know some firms cover 100% of medical but they are boutiques.
You are extremely skeptical? You think its more likely that a major bank tries to screw over a first year analyst on healthcare package than you not knowing how health insurance works in this country?
What everyone else said. Large public companies have a lot more pressure to keep benefits under control and will usually not give out firm-wide health care without deducting some amount from from your paycheck. Chances are you're contributing maybe 1-1.5k as a single adult and the bank has to pay multiples of that on top of it. Keep in mind that policies are usually set for the entire firm as well and cover more than just "high level jobs".
Without a doubt they are covering a lot of it. Virtually every job at a major company requires you to pay for some of your health insurance.
FYI -- they will also take money out of your paycheck for this thing they call taxes. Welcome to the real world.
Why wouldn't you just stay on your parents plan and pay nothing? It does not cost them anymore.
FT analyst health coverage? (Originally Posted: 05/28/2010)
Probably a stupid question, but I'll be starting FT this summer at a Piper/Moelis/Jefferies/HLHK, and am unclear whether or not health insurance is included in my "comprehensive benefits". Do banks usually cover this for analysts?
yes, definitely. if you dont get health coverage than go to another bank
i think you pay for part of the health pretax and your bank covers for some.At least it's how it works at my bank.
Most banks offer health coverage, you just have to file in your medical bills to claim reimbursement.
Health insurance - BB (Originally Posted: 02/20/2012)
Do BB's provide health insurance to full-time bankers?
If so, do you they just subtract it out of your salary, or how does it work?
Health insurance is pre-tax, so your firm would subtract it out of your paycheck before you are paid each month.
Around how much is subtracted each month??
Depends on your firm and level of coverage. My friend, who works at one of the top MMs, pays ~125/month for HC. Not sure what level it is though.
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