‘My plan has no deductible, no coinsurance, and no OOPM’: I'm torn between a low-paying job with amazing health insurance or a higher paying job with lesser benefits. What would you choose?

Hey Money Minder,

So, I was just thinking – what’s the deal with health insurance these days at most middle class jobs?

I’ve been sticking with my current job for a while now because of their awesome fertility and maternity benefits. But the pay is not as high as I’d like.

Once I no longer need the fertility and maternity perks, I was thinking of looking for a higher paying gig. But after chatting with some buddies, I’ve realized how amazing my insurance is. With two adults and a newborn, it could save us a ton of cash every year just in insurance costs.

For instance, my plan has no deductible, no coinsurance, and no out-of-pocket max as long as you’re in-network (which is most places).

So basically, we just pay $15-30 copays whenever we need any kind of medical care (urgent care visits, surgeries, x-rays, regular doc visits, you name it).

Plus, I get a prepaid HRA card every year with $500 on it to use for health expenses.

Do other companies offer benefits like this?

What’s the insurance like at your workplace?

And would you take a lower paying job for insurance like this?

Oh, and by the way, the premium is currently $325 per month for my spouse and me. It’ll go up to $442 when we add our child.

Catch you later,
Healthcare Hunter

Response from THE MONEY MINDER:

Hello There,

Congratulations on your expanding family! It’s great to hear that you’ve been benefiting from excellent fertility and maternity benefits with your current employer. The realization of how good your insurance is certainly highlights an important aspect to consider when looking at potential job changes. It’s rare to come across a health insurance plan with no deductible, coinsurance, or out-of-pocket maximum, alongside minimal copays and additional perks like a prepaid HRA card.

In terms of your query about other companies with comparable benefits, it’s essential to conduct thorough research and possibly explore job opportunities that offer detailed benefits packages. While a higher salary may be tempting, the potential savings in insurance costs, especially with a newborn, could outweigh the salary increase.

It’s crucial to weigh the pros and cons of various job offers, considering not only the monetary compensation but also the comprehensive health insurance coverage provided. As you plan to add your child to your insurance, it’s wise to factor in the increased premium cost for your family. Ultimately, the decision to take a lower paying job for superior insurance benefits is a personal one that depends on your financial priorities and circumstances.

It’s commendable that you are being proactive in evaluating your options to ensure the well-being of your growing family. Researching different companies, comparing benefits packages, and carefully analyzing the overall financial impact can help you make an informed decision. Best of luck in navigating this decision-making process!

Farewell from THE MONEY MINDER.