I am trying to decide what to do on my payroll deductions. Our insurance is changing, so our weekly amount is going down. Currently my total deductions are $173.65. With the change in insurance and an increase in my 401K %, I am at $151.89....a savings of $21.76. So my question is...Should I:
A) Increase my 401K % again. (Would still be +13.39)
B) Increase my insurance coverage to include an Aflac Cancer Benefit. $12.15/ wk for me or $21.84/ wk for my and my husband. Something I have been wanting to do.
C) Increase insurance coverage to include an Aflac Cancer Benefit and Critical Care Coverage (Heart Attack, Burns, Coma, Stroke, etc) Since we own our business and income is not "guaranteed" it seems like this would be smart. It would be an additional $8.37/wk plus the Cancer Cost. (Increase cost 8.45)
D) Increase insurance coverage to just include the Critical Care Coverage. $8.37/wk (Still be +13.39)
E) Just have an overage of $21.67/ wk.
I am leaning towards C. I know its a increase of $8.45 a week. But we would have extra coverage and I would still be increasing my 401K a percentage. Any thoughts?
Payroll Deductions??
April 10th, 2013 at 07:30 pm
April 11th, 2013 at 08:20 am 1365664837
[we've a different system and I don't understand USA medical ins. coverage]
April 11th, 2013 at 02:30 pm 1365687014
My insurance has a $2500 deductible per person per year. $5000 per person per year maximum out of pocket, not including deductibles. And for "inpatient hospital expenses" the insurance pays 80%. That is really all the details I have.
The critical care coverage pays us cash. $300/ day after being admitted for "major illness/event." $250 for ambulance travel. $700 if admitted to ICU for days 1-7. $1200 for days 8-15. On the Cancer Coverage it pays $500/week that you have Radiation treatments. It also pays for Skin cancer surgery, home health care, hospital stays, bone marrow treatments, etc.
My thought is that is just extra protection for us as small business owners.