Overlooked: BB/EB Benefits Package
Hi, incoming analyst at EB - not seeing many recent threads on the topic, but what are benefits at your bank? (401k, health insurance, etc.) - what’s your out of pocket cost?
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I’d assume all or most banks have a 401k matching plan (have see. As low as 3% and as high as 6%), that either vest in 3 years or less. Same with health insurance, although each bank is vastly different.
Other benefits include FSA/HSA, but you mostly fund those, or commuter benefits.
Then there are the rarer benefits that people likely will never touch (MBA tuition reimbursement, or PFL/FMLA leave).
Hope that helps answer
what do your health insurance premiums look like?
Varies by plan. Assuming you are single (not married) you will typically have 3-4 different options, ranging from high deductible plans (you would want an HSA) and low deductible plans (you would want to fund an FSA). I’ve seen premiums as low as $100 for high deductible plans and know people paying $400 a month on the low deductible plans.
Rookie mistake is to just look at monthly costs and make an estimate that way. My two sense is get out the ol’ spreadsheet and model out the 4 different plans. Calculate the TOTAL premium costs for the year and any incentives (some banks will fund $500 or even $1,000 in an HSA to incentives the high deductible plan) you get. Once you get that, you can start playing around with what your maximum out of pocket costs for the year will be for the four plans. You’ll need assumptions, like how frequent you’ll be going to the doctor, or if you have any surgeries planned. FYI, if you plan to leave the bank in Q1 or even Q2, it’s likely better to get the low deductible plan as you’ll be getting a new insurance and don’t want to get screwed.
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