Job Search: Update to Evaluating an Offer

Something I didn't really think about the first time I posted about Evaluating a Job Offer on May 29, 2014, was the indirect benefits related to medical insurance in a new job.

  Imagine This Scenario  

Your old job has a high deductible medical insurance plan. Your new job has a normal deductible medical insurance plan.

The end result is that every time you go to the doctor, or fill a prescription, you're paying less! Sometimes a significant amount less. A friend had an allergy prescription that, on the old plan, cost $120 every time. On the new plan, he's paying $35 each time. That's just one prescription, saving $85 about 4-6 times per year. Multiply that out, times the number of prescriptions you fill in a year, and the number of times you go to the doctor.

	Old Price	New Price	Savings Per Time Filled	Times Filled Per Year	Annual Savings
Prescriptions
#1 Allergy	$120	$35	$85	5	$425
#2 Other	$50	$10	$40	7	$280
Total Prescription Savings					$705
Doctor’s Appointment Co-Pay
Annual Check-up	$50	$10	$40	1	$40
Specialist	$50	$10	$40	1	$40
Total Doctor’s Appointment Co-Pay Savings					$80
TOTAL PROJECTED SAVINGS					$785 / year

You're easily saving almost $800 a year, just because of the type of medical insurance the new job offers. You should do the same analysis for any insurance offered by one or both companies including dental and vision insurance plans.