Wednesday, November 7, 2007

Benefits Election Package Arrived

Today, my company delivered the 2008 benefits selection package. Frankly, we were lucky and the costs did not change for most of the benefits.

Health Plan - The cheapest plan was replaced by an HSA. If we select the plan, the company will contribute up to $600 toward the deductible. The other options are a HMO and a PPO style plan. Complicating my situation is my marraige in August. After we are married, I am definitely switching to my fiance' plan. Although I am still running numbers, I am planning to select the HSA and contribute $1,000 towards savings. Hopefully, I can stay away from the doctor for 10 months.

Life Insurance: Together with my own cash balance plan, I have approximately 4x my salary in life insurance. Given my new responsibilities, I will probably increase my election slightly.

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