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We will be discussing negotiating strategies this semester. Two essential eleme
We will be discussing negotiating strategies this semester. Two essential elements in any compensation offer are health insurance and retirement.
Pretend you have two job offers.
University of Utah Health Academics is offering you a position that pays $60,000 and includes the benefits described here: https://www.hr.utah.edu/benefits/health_wellness.php
You are offered a job that pays $85,000 at a small employer that does not provide health insurance or retirement or other benefits. You will have to choose an individual plan for you and your family, or go without health insurance. You will have to consider ways to save for retirement without an employer benefit. You will have to consider the worth of other benefits that may or may not be desirable to you.
Step One: Health Insurance
Go to ehealthinsurance.com or healthcare.gov Shop for a plan for your family. Compare your chosen plan to the University of Utah healthcare plan:
https://benefits.utah.edu/wp-content/uploads/sites/78/2023/04/Summary-Comparison-2023_OE-only.pdf
(Note, this is the University of Utah Health Sciences benefits plan, which is for employees of Health Sciences, not employees of University Health Hospitals and Clinics. You can tell if a job is at Health Sciences if the job code starts with the letters PRN. The Hospitals and Clinics employees get slightly different benefits for health and dental, retirement and time off. FYI)
Considerations:
Compare premiums (sometimes referred to as “contributions). Check to see if you would be eligible for a premium subsidy if you buy from healthcare.gov. Remember, employer- provided plans are not eligible for subsidies.
Consider your tax bracket. Remember, your contributions in an employer based plan like the U are typically deducted before-tax, which means they are tax free. Premiums you pay in the individual/ACA market are paid with after-tax dollars, which means you pay taxes on them. You can deduct these premiums, but only if you itemize your taxes and only to the extent they exceed 7.5% of your income. Most people don’t itemize, so essentially the premiums must be paid with after tax dollars.
Consider the deductibles that must be paid for each family member and estimate what this would cost
Consider the coinsurance percentage you must pay on each bill, after the deductibles are met, up to the maximum out of pocket
Consider the provider network you will want to be able to use
What are the ramifications for your family if you go without health insurance?
Step Two: Retirement
Consider your retirement goals. How does the availability or lack of retirement option impact your decision? How much will you have to save in addition to the U’s benefit? How much will you have to save if you don’t have an employer benefit?
Step Three: Other benefits
Review the motivator section on your Career Leader assessment. What benefits might relate to your top motivators? Which job will best meet your motivator needs?
Step Four: Complete the Fillable Benefits Worksheet.
The Worksheet has two tabs (1) Married Filing Jointly, and (2) Single. Choose the tab that is applicable to you and complete that tab. You do not need to complete both tabs.
Step Five: Summary Considerations
How might this information impact your decision about which job to take? What are the pros and cons of the plans available for people shopping in the individual marketplace? What ideas/suggestions would you have for Congress about how to improve/change/retain the ACA program?
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