Many companies will tout the excellent retirement benefits offered, but the majority of twenty-somethings should have much more pressing concerns on their mind.
The what-if factor is always a good motivator. What if you become sick or injured while working in the next year? What if you require prescription medication on a regular basis? What if you need to see a chiropractor, psychologist, clinical physician, or any other medical professional consistently?
At times when these medical expenses crop up, the thought of retirement seems much farther into the distant future than it already did before. There is no hiding the fact that health insurance is a big financial burden. Employers often offer some form of a company-provided insurance policy; however, within this policy, there are often several options. In any case, employees will be subject to paying a substantial portion of their insurance coverage in one manner or another.
First, employers will remove a portion of one’s wages as a premium for company-provided insurance coverage. Asking employers what this premium amounts to on a monthly basis is a very important question for job candidates to ask. Besides premiums, employees face other out of pocket expenses in regards to company-provided insurance policies, which include deductibles and co-payments at the time of service. A deductible is an out of pocket expense employees will face up to a certain dollar amount before the insurance benefits truly begin to kick in.