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Things to know when entering a new job

Things to know when entering a new job. I. How do I select appropriate health/vision/dental insurance that will best meet my needs?.

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Things to know when entering a new job

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  1. Things to know when entering a new job

  2. I. How do I select appropriate health/vision/dental insurance that will best meet my needs? • The medical plan you choose should reflect the type of care you and your dependents need now and anticipate needing in the coming year. Your choice should also be consistent with your ability to pay.

  3. II. What is a health savings account and how can this benefit me? • A health savings account is a tax advantaged plan that is designed to help account holders save money for future medical expenses. • Advantages of HAS include • Your account stays with you • No federal income tax on contributions • Earnings grow tax free • Medical expenses are paid tax free

  4. III. What is disability insurance and should I enroll? • Disability insurance replaces a portion of your income if you become disabled and are no longer able to work. • A typical group plan offered by an employer will replace up to 60% of your salary.

  5. VI. What is life insurance and how much should I get? • Definition of Life Insurance- • A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

  6. VI. What is life insurance and how much should I get? • The amount of insurance you might need/want will vary widely depending on your current financial situation. • Two general situations would be: • You want enough insurance to cover a specific use and don't need any insurance to provide future income for your spouse. • Situation two: You want insurance which will provide future income for your spouse/kids.

  7. V. What are the different types of retirement plans I should consider for my long-term goals? • There are two major types of plans, defined benefit and defined contribution. • Defined benefit plan- funded by the employer, promises you a specific monthly benefit at retirement. • Defined contribution plan- does not promise you a specific benefit amount at retirement. Instead, you and/or your employer contribute money to your individual account in the plan. Examples would be 401k, ESOP, SEP and profit sharing plan.

  8. References • (U.S. Department of Labor) • (San Diego State University , 2011) • (ASEA Health Trust) • (SmartMoney, 2005)

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