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.
And keep an eye on your paystub.