Where are the best employee health and life benefits?
When examining job offers don't simply look at annual salary, take your time to review the benefits package and determine the personal cost and savings. The importance of employee benefits are understated and are often of greater value than a higher annual salary number in the USA, especially for those with families.
Where are the best employee benefits packages?
Large well known companies almost always win on this one.
The giant corporations can do a magic trick of providing their own health insurance and having an insurance provider service it because they have the boat load of capital available to do so.
Also, giant corporations are vying for the attention of prospective employees and by giving out great benefits the astute job seekers will always include this in their assessments.
How do small and medium companies differ?
Small and medium size companies generally do not have the capital to supply their own health insurance so they use a health insurance provider. They can have their HR work directly with different insurance providers or simply pick a company that provides insurance options as a service.
Benefits in this situation can be rather good but will not likely compare with the quality of benefits offered by the giant corporations. To give a rough example I have seen health costs and deductibles in giant corporations to be about a quarter of what is considered an impressive plan at medium and small companies.
Why does having a family matter for benefits?
Most software companies can provide great benefits for a full time employee free of charge. However, covering more people costs a lot more money so it is rare for employers to cover families free of charge in USA, but most insurance plans do contribute a lot towards families.
Benefits information is a wall of text
Your first time checking out a benefits package is hard and can seem overwhelming, you are not alone. It will take time and effort to figure out but it is well worth examining and asking for help if you are stuck.
Get started by listing each plan and determining:
- The minimum you will pay each year
- how much you use if you never go to the doctor
- The maximum you will pay each year
- how much is the minimum and full deductibles and coverage percent
- The coverage of each plan
- which doctors and hospitals around you are covered, this is normally available on the providers website
- Determine average cost by estimated usage
- If you are in great health then high deductible plans are normally a great option as long as you contribute to an Health Savings Account
- Alternatively, if you know you may have dental problems paying extra for a better dental plan could save you thousands of dollars
Getting better benefits is generally worth more than getting a higher annual salary number normally depending on your situation. In the USA health care is a very expensive problem and employers try to become attractive by having great employee benefits. Large corporations pay a huge amount of tax deductible money to provide great benefits.