Something I didn't really think about the first time I posted about Evaluating a Job Offer in May 2013, was the indirect benefits related to medical insurance in a new job.
Imagine this scenario:
Your old job has a high deductible medical insurance plan. Your new job has a normal deductible medical insurance plan.
The end result is that every time you go to the doctor, or fill a prescription, you're paying less! Sometimes a significant amount less. A friend had an allergy prescription that, on the old plan, cost $120 every time. On the new plan, he's paying $35 each time. That's just one prescription, saving $85 about 4-6 times per year. Multiply that out, times the number of prescriptions you fill in a year, and the number of times you go to the doctor.
Old Price
|
New Price
|
Savings Per Time Filled
|
Times Filled Per Year
|
Annual Savings
|
|
Prescriptions
|
|||||
#1 Allergy
|
$120
|
$35
|
$85
|
5
|
$425
|
#2 Other
|
$50
|
$10
|
$40
|
7
|
$280
|
Total Prescription Savings
|
$705
|
||||
Doctor’s Appointment Co-Pay
|
|||||
Annual Check-up
|
$50
|
$10
|
$40
|
1
|
$40
|
Specialist
|
$50
|
$10
|
$40
|
1
|
$40
|
Total Doctor’s Appointment Co-Pay Savings
|
$80
|
||||
TOTAL PROJECTED SAVINGS
|
$785 / year
|
You're easily saving almost $800 a year, just because of the type of medical insurance the new job offers. You should do the same analysis for any insurance offered by one or both companies including dental and vision insurance plans.
