How did you pick employee benefits at your firm?
I’m talking about insurance, retirement plans etc. Any tips incoming analyst should know about before choosing? Any info is appreciated.
I’m talking about insurance, retirement plans etc. Any tips incoming analyst should know about before choosing? Any info is appreciated.
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Insurance: you should know how much coverage you need. You're also likely still on your parents' insurance for a few more years as an analyst (thanks, Obama). That said, if you have any known health issues and frequently need medication (or are planning on having kids within the next year), get the best plan your company offers. If you're in excellent health, opt for the HSA and contribute the max.
Retirement plan: max out your 401(k), or at least contribute enough to get the full company match; it truly is "free" money. Put most of it in a Vanguard target-date fund or equivalent depending on what options your company provides and a small chunk in something higher risk like a growth fund. Simple set and forget.
Why would you opt in for HSA?
Why would you opt in for HSA?
how do you know which offers better dental and health insurance?
the plan details should be available to you
monthly premium (your fixed cost)
doctor copays
cost to got the ER
Surgery copay / coinsurance
lab/testing coverage
prescription drug coverage (copay / % co-insurance)
non-standard coverage (chiropractor / accupuncture, ect..)
mental health coverage (in-patient vs outpatient coverage maximum days per year /lifetime)
so, you take the plans available to you (and your coverage from your parents plan), and do a compare/contrast to see which plan fits your expected needs best.
You know yourself...how much risk you take (are you an adrenaline junkie who breaks a lot of bones and goes to the ER a lot)
Typically, at the financial firms, you should just select the most inclusive plan...its such a small % of your take home pay.
My suggestion would be to take everything they offer.
Not sure how it is at your bank, but I have good health insurance, dental, vision, disability insurance (60% of salary), 1x life insurance (1x time salary) + supplemental life insurance ($700k) and a couple more things... and I pay about $160 a month pre-tax? Around there.
Don't even notice it and have the peace of mind of knowing I have coverage for many things.
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