Am I losing money or is this a good deal?

Question

I am a drafter in Missouri and only make $12.70 an hour. HOWEVER my employer pays 100% of my insurance (except my normal office visit co-pay, prescription $10, etc.) I am trying to find out how much it costs him to cover me. My pay is very low for what I do, but if they pay much for my insurance, then perhaps it's not so bad after all.

And part 2, I am diabetic, so does anyone know what the price difference would be if I was completely 'healthy'.

Answer 1

You cannot find out unless he/she chooses to tell you.  Sounds like very generous coverage.

Answer 2

The average single employee, costs an employer about $350 a month in premium.

Because it's a group, EACH employee costs the same.  They average in the heathy people with the unhealthy, and the old with the young.  That's about the "average" rate.

Answer 3

Some good comments above.  I'll add a couple things.

You can certainly ask your boss what it costs him for your health insurance.  In my experience most would give you at least a ballpark figure.  But I don't think that's how you should value it.

You should value that health insurance compared to what it would cost you on your own.  It'd certainly cost you a lot more by yourself - companies can get group discounts.  I'd suggest getting a quote or three to see what you would have to pay if you were paying it on your own.  Then you'll have a better idea of the value of that insurance.

I'm self-employed & self-insured.  I end up paying about $1.5 - $2/hour for health insurance without (fortunately!) any prior or current health issues.  If I had health troubles like you do, I'd suspect that rate would go up 2-3X, if I could even get insurance.

You may have a good deal here.  Like I said before, get some quotes on health insurance before you make any decision.  Good luck.

Answer 4

That is excellent coverage.  You won't find many companies that will do that for you.  Stick with it, especially because of the diabetes.

Answer 5

Your salary is determined by a current job market situation, not by generosity of your employer or luck of it. Do you know other people who do similar job and have similar education and experience? How much do they make?