Benefits are so confusing!

[Deleted]

I've never had a job that really offered benefits. My previous job offered a subsidized bus pass, and at this one, I get cash in lieu of parking and health insurance.

I'm looking at my new hire packet. Two kinds of FSAs. I have NO idea how much to direct to an FSA. Dental and vision. TSP. Long term care insurance.

Right now, I have basic health, dental, and life insurance through my H. That's all I'm eligible for.

This stuff makes me feel so dumb, too. I'm guessing most 30-year-olds have dealt with this before.

[Deleted]

I've been avoiding signing up for benefits, lol. I have 31 days from my start date but man, I get a headache thinking about it. You are not alone, trust me.

[Deleted]

At my (govt) job we had to have a long ass meeting with HR that explained all the benefits. Do you know if there's going to be an orientation? Maybe that would help.

[Deleted]

I had trouble figuring it out, too. I had to get H to show me how to make my 403(b) contributions post-tax (Roth 403(b)).

[biscoffcookies]

With FSAs, whatever money you have left in the account after the end of the year (well, the grace period, which I think goes to March?) disappears. So you probably do not want to elect any money to the dependent care FSA right now (or in 2013) since you currently do not have a kiddo. We actually don't elect any money to the medical FSA either, since there is a minimum contribution you have to make (I want to say it is $2000?) and we don't spend that much on medical expenses a year.

DH and I are both feds, and neither of us pays for dental, vision, or long term care insurance. Some of the medical insurance plans actually include your twice-yearly dental checkups and cleanings (e.g. we have BCBS Basic, and it does for a $25 copay), so dental would only cover cavities and the like.

Don't worry -- my head pretty much exploded when I started as a fed and they gave me the big folder of benefits information.

[Deleted]

Yeah, I plan to start by putting something into the TSP. I don't think I'll be able to max it out at first because we're going to be paying rent on 2 places. I'm taking a very small paycut to take this job, but our rent is going up as a result.

[SJ]

There are lots of feds here who can help you!

[Deleted]

Your first day will be devoted to paperwork and insurance etc.

My big pieces of advice:
~ put a lot in your TSP right off the bat. If you never see it in your paycheck you won't miss it (as much as you can comfortably afford to do at any rate.)
~You can put up to 2500/year in your FSA. I don't max this out but I'm already through my FSA Funds for the year, which is sad, ha. I'd start out putting less in and then up it as you need to next year.
~open enrollment is November and December. SO you actually have quite a bit of time to make these decisions. And OE is every year obviously so if you arent happy this time around, you can change it next year.

[biscoffcookies]

Re: life insurance, my understanding is that you lose your eligibility for the federal life insurance once you leave the government. It was therefore recommended to me to forego the life insurance and get an independent term policy, since otherwise I risked increased premiums when I eventually left the government and had to find independent life insurance (since I'd be older, etc.). This is what I did.

[ssmjlm]

There's an FSA for healthcare and one for dependent care (childcare). In the past I've done $1000 for the both of us b/c DH was having some dental work done, but this year I did $0 and we haven't really needed it, it's just a nice pre-tax benefit.

I have the basic BCBS plan for federal and it's pretty awesome. I wouldn't spend the money on the standard plan.

I don't have vision or dental (through DH) but I would sign up. Hopefully another fed can shed some light.

TSP has a match up to 5% and they have both lifecycle and general funds to pick from.

[lishie]

If you don't sign up for the basic life insurance now, it's difficult to sign up for it later. it's a cheap deduction from your paycheck, and it's probably worth signing up, and then canceling later if you decide you don't want it, because you won't be able to go back and sign up later.

The BCBS plans are great. The Flexible spending is also great, and you can link it to most fed health insurance plans, so you don't even have to submit documentation after a visit to get your copays, etc. reimbursed.

There's also a nice transit benefit that you may be eligible for. Check into that as well.

[Deleted]

Sept 18, 2012 9:08:17 GMT -5 @redbellpeppers said:

I had trouble figuring it out, too. I had to get H to show me how to make my 403(b) contributions post-tax (Roth 403(b)).

You and I need to email offline. I need some help re medical/denta/vision coverage and the 403b thing. lol.

[Deleted]

oh and I have BCBS basic and love it. Just about everyone around here takes BCBS in my opinion so there's never been an issue with out of network providers (which is one of the big differences between basic and standard.) If you have a lot of prescriptions though standard might be better.

[cjeanette]

I would also compare the costs of this heath insurance with your H's. It may be cheaper to move both of you over.

[ssmjlm]

Sept 18, 2012 9:14:21 GMT -5 @mx said:

You will be eligible to change everything in January (unless feds have open enrollment by FY?), so I wouldn't worry too much about getting it perfect now.

You can sign up now as a new employee and then if you want to change, you can during open season in November, for coverage starting January 1.

[Deleted]

Sept 18, 2012 9:12:00 GMT -5 @choco said:

Sept 18, 2012 9:08:17 GMT -5 @redbellpeppers said:

I had trouble figuring it out, too. I had to get H to show me how to make my 403(b) contributions post-tax (Roth 403(b)).

You and I need to email offline. I need some help re medical/denta/vision coverage and the 403b thing. lol.

You've got FB message.

[Deleted]

Gah! So much information!

OK, sounds like I should take BCBS Basic.

Undecided on FSA. I had some OOP expenses this year for various GI tests, but now that we know it's anxiety related, I don't anticipate needing much medical care beyond the occasional psych visit and my prozac.

I won't bother with vision because glasses and contacts are pretty cheap at Costco, and I have to get my eyes checked by an M.D., which is usually covered by medical.

Maybe I'll get a basic dental plan? I have one through H, but it's a WI network so it won't do me much good.

I'll take the most basic life insurance. I have a separate term policy, but if it's cheap, I want to leave H as much money as possible if I die unexpectedly.

H is looking at the budget and is not sure if we can realistically put anything in the TSP until he moves out there. The budget is going to be VERY tight for the next 8-9 months. WOMP WOMP.

Did I miss anything major?

I will be taking the transit subsidy, which should cover the whole cost of my commute.

[Deleted]

Sept 18, 2012 9:16:36 GMT -5 cjeanette said:

I would also compare the costs of this heath insurance with your H's. It may be cheaper to move both of you over.

I doubt it. Even despite Scott "I hate public employees" Walker's changes, it's pretty good. And we already have an established relationship with doctors in the network, so I see no point in rocking the boat for 8-9 months.

[ssmjlm]

Sept 18, 2012 9:22:02 GMT -5 @angryharpy said:

Gah! So much information!

Undecided on FSA. I had some OOP expenses this year for various GI tests, but now that we know it's anxiety related, I don't anticipate needing much medical care beyond the occasional psych visit and my prozac.

I would probably wait and do the FSA during open season for the next calendar year. At least that way if you need contact/glasses you can claim those costs on the FSA.

If you can I would at least try and put in up to the match on the TSP, at 5% it's a decent match and free money.

[karinothing]

On your first day they will go over a lot of stuff, so you can get your questions answered there.

For vision we get a stipen from the Union, so even if you don't take the insurance you get like $200 a year or something for glasses/contacts.

I have the basic life insurance plus one of the options. THe life insurance is SUPER cheap. I pay $12 for the regular and 30 cents for the option that I have (I think it doubles my yearly salary or something, I don't remember).

Sucks about the TSP put it is only temporary. Maybe you could do like 2% or something?

I don't do FSA for now so I can't help with that.

I have BCBS basic I love it. Everyone takes it.

[Deleted]

How do you pay your SLs? The TSP will lower your taxable income which is really helpful for SLs if you are on IBR or ICR (we figured that it is worth more to invest slightly more in the TSP than is fully comfortable for our budget bc it decreases my monthly SL payment.)

Like PP have mentioned your health insurance will at least cover your basic dental visits so you might not even need a dental plan right off the bat. I have VSP for vision and it is dirt cheap with pretty decent coverage in my opinion.

Just go into it thinking that nothing is permanent, you can make changes during OE this year or next year or the year after etc.

[Deleted]

The thing is, using a FSA will lower your tax burden. So if you are making $50K, and you put in $2K in your FSA, then you are only taxed on $48K. Then you pay for your things with the credit card you are issued (or submit receipts for reimbursement). So its really silly not to use an FSA, even if its only $500 just to cover your contacts, glasses, a few doctors visits, and medicine. Plus you can use it for your spouse/children even if they aren't under your health plan.

We max ours and I've already used it up. Granted, I see two specialists, an OBGYN, internist, dentist for three people, DD's pediatrician and have $30/month in medicine, so it goes quickly. But I am not particularly ill or anything, no hospital visits this year, no pg, etc.

They are lowering the limit to $2,500 next year and that will be swallowed super early, esp if I get pg.

[Deleted]

OK, on the vision issue. I was planning to just get a copy of my scrip from my doctor here and stock up on contacts before I go out there, mostly so I don't have to find a new ophtho right away. Are you saying it would be cheaper to wait?

I will try on the TSP, but we have to sit down and crunch the numbers.

[karinothing]

Well, it would be cheaper if you want the vision subsidy I think you have to show that your vision has changed after working here or something though. I don't really remember all of it. So I am not sure you could get it right away if you needed glasses.

[Deleted]

Sept 18, 2012 9:32:15 GMT -5 @angryharpy said:

OK, on the vision issue. I was planning to just get a copy of my scrip from my doctor here and stock up on contacts before I go out there, mostly so I don't have to find a new ophtho right away. Are you saying it would be cheaper to wait?

I will try on the TSP, but we have to sit down and crunch the numbers.

how much would the contacts cost? It may be worth it to get the scrip, then wait, sign up for a FSA and then buy them and get reimbursed. Your FSA will reimburse you even if you haven't reached your annual goal yet. So like for example, I put 2000 in my FSA this year I think. something like that. so that is, what, 200 a paycheck? Let's say that haha. But after the pregnancy and various co-pays, DH passing out after a race and spending a night in the hospital (stupid dehydration), and various prescriptions, doctor visits etc, my reimbursable expenses surpassed 2000 in June. So my FSA stopped reimbursing me bc I was out of money, but technically I hadn't put in the full amount eyt - I had only put in 1000. Does that make sense? so the full amount is basically immediately available.

hold on i'm emailing you. LOL.

[ssmjlm]

Sept 18, 2012 9:31:36 GMT -5 @iheartcosmos said:

They are lowering the limit to $2,500 next year and that will be swallowed super early, esp if I get pg.

Oh that blows, how did I not notice that.

Thankfully this pregnancy will be free.

/end hijack

[Deleted]

Oh god, this is confusing. I think I'll just get the contacts here. I don't think I can fill my WI scrip in VA, and it doesn't sound like any savings would be worth the hassle of waiting. I don't even need new glasses. I just want to get back to running, and I won't know my new neighborhood well enough to run without contacts for a while. (Yes, I sometimes run in familiar areas without contacts, and yes, I have mistaken trees for people.)

[Deleted]

Sept 18, 2012 9:39:56 GMT -5 ssmjlm said:

Sept 18, 2012 9:31:36 GMT -5 @iheartcosmos said:

They are lowering the limit to $2,500 next year and that will be swallowed super early, esp if I get pg.

Oh that blows, how did I not notice that.

Thankfully this pregnancy will be free.

/end hijack

Mine wasn't on my old insurance. I really need to look into my current plan. But it changes Jan 1, so who knows what will be covered or not by the time I get pg and give birth.