benefits
Health Benefits
The other day at our staff meeting our boss stood up and said that there were going to be some changes with our healthcare plan. Naturally, I assumed it would be a decrease on services or that the changes would only apply to those with spouses or children.
Not the case.
Apparently my company set up an account to allow each employee to have a debit card with $1,200 to use towards co-pays, prescriptions, and even over-the-counter medications for an entire year. How generous! Our healthcare insurance already is amazing–free dental, vision, medical–but with this card, I probably won’t have to spend a dime on health-related purchases while I am with this company.
It’s a good feeling working for a business that cares about the employees… it almost feels like I got a another raise. :)
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Drumroll Please…
A while ago I asked what I should do with the additional money I’ll be receiving with my new raise at the end of September. Sadly, no one chose Option F! (Refresher: that option was “Put it all in my Clothing Fund and spend it frivolously.” Rats!). A lot of you had fantastic suggestions, and of course I wanted to use all of them. Finally, after doing a little basic math, I have come to a decision.
My decisions is to ….
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Increase 401(k) & Debt Payment!
Those who suggested the closest were: Carrie, Stacking Pennies, Erin A, Julie K, and Serendipity. Thanks to all though!
I decided to put 3% of my salary into my 401(k) each month, which is about $100 of pre-taxed dollars. (My employer already contributes 3% regardless of what I do, so 6% will be added monthly.)
About $100 of the raise will be added to my take home pay and back into my monthly budget (we’ll see for sure; could be more or less depending on taxes). This $100 will then beef up my debt payment to around $600. I decided to split it this way because I feel my savings is sufficient to hold me over during this time. I cannot wait to start SAVING that $600 instead!
Here’s my excel chart of all of my payments. May 2010 has become my new favorite future month. ;)
Eight payments left until I am debt-free!
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Health Flexible Spending Account
At the beginning of this year I decided to set up a Flexible Spending Account with my employer for $200 a year. This means that each paycheck pre-taxed dollars are set aside into an account. If I purchase health products, including any prescriptions or over-the-counter medicine,
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