Get to know your paystub before November 1st

Do you know how much you’re paying in health insurance premiums? 

Have you even looked at your paystub?

I know you haven’t.

It’s like eating beet salad (sorry, Mom). She loves beet salad.

Don’t worry, neither did I years ago. 

And now it’s harder because you have to employ a spy agency to see your electronic one, but do it. Call your benefits line or HR. You’ll be surprised.
Let’s have a looksie at a typical one for a US household making $62,000/year gross or $31,000 each adult:

Super duper Corp paystub 

(paid every 2 weeks)

Base Pay: $1292



           Withholding tax (W4) $193.75

            Social Security Tax.     $25.83

           Medicare Tax                   $18.73

    Medical Premium                $125

    Dental Premium                    $35

    Savings PreTax (401k)          $193.80

Total Deductions                        $592.11

 Net Payment                              $699.89

Since this is every 2 weeks, your Medical Premium is $250/month.

This is a typical amount to pay per month.

Does that surprise you?

It surprised me.

My premium used to be $0.

And rates are expected to rise in 2017. Up to 27% more in Tennessee. And big insurer United Healthcare may pull out of most states.

I tried to find a side by side comparison of rates but those won’t be available until open enrollment on November 1st.

How convenient.

Stay tuned.

And keep an eye on your paystub.



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