Job seekers should consider insurance benefits, not just salary

Insurance benefits can average nearly 10 percent of total compensation
Norwalk Reflector Staff
Jun 20, 2014

People joining the workforce such as recent graduates or those switching jobs to improve their overall financial situation should consider the potential total compensation, which includes insurance benefits, Lieutenant Governor and Department of Insurance Director Mary Taylor said.

Insurance benefits can average nearly 10 percent of total compensation, according to the Bureau of Labor Statistics.

“As Ohio’s economy continues to grow and create new opportunities, Ohioans should take into account their insurance coverage options when considering a new job,” Taylor said. “Looking at total compensation and benefits can provide a more accurate picture than salary alone.”

According to a recent survey commissioned by the National Association of Insurance Commissioners (NAIC), in which the Department is a member, 73 percent of job switchers spent time thinking about salary and only 41 spent as much time considering insurance benefits. Less than 30 percent thought as much about out-of-pocket costs or insurance coverage effective dates before making the switch.

Taylor advises Ohioans to consider the following:

    Beyond salary, what are some other financial implications of making this job change?
• What options do I have to cover medical expenses while I’m between jobs?
• If something catastrophic happens to me between jobs, is my family protected?
• See if your current group life insurance plan has a conversion privilege. If so, you may have up to 31 days after leaving your job to apply for coverage.
• If your job change includes a move, check your homeowners’ policy to make sure personal possessions are covered in-transit. If not, consider a floater policy.
• Before accepting a new job, compare your current health plan with the new plan offered to assure the available mix of deductibles, co-pays and coinsurance will cost-effectively meet your needs.

Ohioans with insurance questions can call the Department’s consumer hotline at 1-800-686-1526. Insurance information is available at www.insurance.ohio.gov.

Comments

Whiskey Tango F...

What abouts my Obamacare? I done voted for my homey but it turns out this ain't part of my cash and prizes! Now y'all want me to get a job? You honkeys be crazy! Next you will expect things like drivers licenses, car insurance, and god forbid me payin my own rent! This is off the hook!

mikeylikesit's picture
mikeylikesit

ha!

ladydye_5

Most employers are not offering benefits anymore. They cut hours and dropped benefits. Thank you ObamaCare. Not that anyone can afford that either. First you get your hours cut (less money), then they want you to pay for you health care with a smaller paycheck too!

Really are you ...

Must be stuck in Columbus. With all of the factory jobs leaving. With small businesses folding and retailers leaving, where is the salary jobs? Salary pay is very minimal in these parts. Then on the other hand, so is the full time hourly wage jobs. Just talking with people in general around here, ask them how much you would want to make if you worked for a company. Their reply would be on an hourly rate of pay. Not, I would work for $30,000. a year, which is $15. an hour. A person who is trying to better themselves would seek a job with a better hourly rate $9. an hour to $12. an hour. That is $18,720 a year to $24,960 a year, before taxes are taken out. That is money earned before union dues, social security, 401k, and insurance. Union dues? Personally I have been represented by the unions at Mayflower and Janesville. Social security will be dried up by the time I get to retire. 401k, well that is a roller coaster that will be taxed one time when withdrawn with a boatload of fees taken from it. And paying for an insurance package, which I rarely use. But is nice to have just in case.

KURTje

This county is different. This subject matter applies to bigger areas (metropolis).

starryeyes83

Those who are left in Huron county (or this area) who have salaried jobs with some benefits and perks had better be thankful they still have them after 20 or 30 years.

Some people don't and still whine about they don't have enough when they've done nothing but pi$$ their money away on "hobbies".