Take two health plans and call me in the morning

Health care tops the national political agenda right now, and for good reason. People have long relied on their insurance plans to help them pay for checkups, emergencies and medications.

But exactly how are most Americans insured? As of 2006, employment-based insurance covered about 60 percent of the 249.8 million insured U.S. citizens, according to the U.S. Census Bureau.

Yet of that 60 percent, only 32 percent were directly covered by their employer. The remaining 28 percent received their coverage through a spouse, domestic partner or parent.

Talk about added pressure for job seekers, especially if you’re the household breadwinner! This makes it all the more important to evaluate your total compensation package, not just salaries, when job seeking.

Indeed, knowing an offer’s total value can help you decide whether to accept it. Here’s how to compare apples to oranges during a job hunt:

1. List the different benefits each company provides. These can include medical coverage, pharmacy, dental, vision, life insurance, long-term disability insurance and some type of paid time off plan.

2. Set up a spreadsheet to help you calculate each item’s annual value and cost savings (excellent detailed instructions here).

3. Consider “priceless” intangibles, such as vacation time, title, travel obligations, office culture and your personal circumstances. They can impact your job satisfaction, emotional well-being and future career growth.

But for those consultants whose jobs aren’t accompanied by extensive benefits packages, don’t let that deter you from accepting the position. In fact, in some cases it might even be an advantage.  For example, instead of being given a slew of benefits you may never take full advantage of, the cash will be directly deposited into your pocket.  Then, you can either piggyback off of a relative’s plan, or use some of the extra cash to enroll in the individual benefits or insurance plan that best suit your needs.

Posted by Christy H.