Health Insurance in Biglaw

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Health Insurance in Biglaw

Postby Anonymous User » Wed May 03, 2017 5:04 pm

So, I've never had to be a real adult before. I'll be working in biglaw in the fall. Does health insurance come with the job? If so, does that mean my paychecks will be lower than what they were last summer? Help is much appreciated.

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Desert Fox

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Re: Health Insurance in Biglaw

Postby Desert Fox » Wed May 03, 2017 5:06 pm

Anonymous User wrote:So, I've never had to be a real adult before. I'll be working in biglaw in the fall. Does health insurance come with the job? If so, does that mean my paychecks will be lower than what they were last summer? Help is much appreciated.


They offer it, but there isn't any rule that you have to take it. So yea, your check will be lower than last summer.
Last edited by Desert Fox on Sat Jan 27, 2018 12:38 am, edited 1 time in total.

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SmokeytheBear

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Re: Health Insurance in Biglaw

Postby SmokeytheBear » Wed May 03, 2017 5:11 pm

Anonymous User wrote:So, I've never had to be a real adult before. I'll be working in biglaw in the fall. Does health insurance come with the job? If so, does that mean my paychecks will be lower than what they were last summer? Help is much appreciated.


There is a thread somewhere on here recently where we compiled benefits for big law, including healthcare, based on firm. The trend is most firms require contribution, with that amount varying widely.

My firm who can choose among several health plans, two dental plans, and two vision. I chose a decent health plan, the cheaper dental, and the cheaper vision, and I fork out $200ish each paycheck (paid twice a month).

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Re: Health Insurance in Biglaw

Postby Anonymous User » Wed May 03, 2017 5:12 pm

Desert Fox wrote:
Anonymous User wrote:So, I've never had to be a real adult before. I'll be working in biglaw in the fall. Does health insurance come with the job? If so, does that mean my paychecks will be lower than what they were last summer? Help is much appreciated.


They offer it, but there isn't any rule that you have to take it. So yea, your check will be lower than last summer.


Do you know if most people take it? Also, do you know how much it might run me with a wife and kid?

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Re: Health Insurance in Biglaw

Postby Anonymous User » Wed May 03, 2017 5:21 pm

I feel like most people just take the health insurance. It's easy, and usually decent -especially for a young healthy attorney (although employer insurance is getting more and more expensive, higher deductibles, stricter benefits, etc. just like all health insurance).

For full family coverage, it may run you $500ish-$1200ish a month shaved off your 7-8kish paycheck depending on the plan you pick. Obviously, every firm negotiates different rates, so who really knows.

If your firm has a Wellness program, you can maybe shave off another couple hundred in premiums a year by participating (e.g., biometric screenings, surveys, and what not).

ballouttacontrol

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Re: Health Insurance in Biglaw

Postby ballouttacontrol » Wed May 03, 2017 6:32 pm

Mine offers me a HDHP. Deductible is $4k. Only $27.69 out of my bi-weekly paycheck for this. I don't really ever go to the doctor, so it works out really well for me. With a standard lower deductible plan, expect a couple hundred to come out of your paycheck.

And also, unless Congress manages to repeal Obamacare, you can't really decline it. If you decline, you'll get butt fucked by the penalty come tax time.

For completeness, I also pay $4.15 for dental per paycheck.

My firm has pretty good benefits

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Re: Health Insurance in Biglaw

Postby Anonymous User » Thu May 04, 2017 3:14 am

How good is the mental health coverage? Do they offer plans to deal with mental health issues that require treatment?

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Re: Health Insurance in Biglaw

Postby Anonymous User » Thu May 04, 2017 9:51 am

I wanted to remain anonymous but provide some info regarding benefits. I am in-house, so not biglaw but if someone was looking for benefit ideas and comparisons, I thought it might be helpful.

Health Insurance - $900 deductible per person (family plan) $200.31 bi-weekly
Dental (w/ orthodontia) = $29.48 bi-weekly
Employer paid term life insurance (1 times Salary) $0.00
Child term life insurance ($10,000 benefit) $0.44 bi-weekly

Total bi-weekly costs: $230.23

Next year I am switching to a a higher deductible plan for health insurance to save money on bi-weekly premiums. At $900 per person, I don't think the deductible will be met this year on anyone, so I am still paying a fair amount out of pocket for only a few doctor visits. (My son had a wart removed from his foot and that cost me $200 out of pocket). I really messed up picking this $900 deductible plan; however, we have a newborn child so I was being cautious. Everyone is healthy and doing well and we haven't been to the doctor much. Next year I am selecting a plan with a higher deductible, but one that comes with an employer funded HSA. It will help save me some money.


Does anyone have any thoughts on whether vision insurance through EyeMed is worthwhile? I believe it is like $30-50 bi-weekly.

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Re: Health Insurance in Biglaw

Postby ballouttacontrol » Thu May 04, 2017 12:35 pm

Anonymous User wrote:Does anyone have any thoughts on whether vision insurance through EyeMed is worthwhile? I believe it is like $30-50 bi-weekly.


screw vision insurance IMO. I never freakin go to the eye doctor, and, while I don't know EyeMed in particular, if it's anything like VSP, the discount on new glasses is minimal.

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Re: Health Insurance in Biglaw

Postby Anonymous User » Fri May 05, 2017 4:40 pm

I have health insurance through my school that expires at the end of the summer. I don't start working at my firm until a couple of months after that. I assume it isn't possible for me to get on my firm's health insurance plan early, right? Does anyone have any recommendations for short-term health insurance with international coverage? (doing a bar trip)

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LaLiLuLeLo

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Re: Health Insurance in Biglaw

Postby LaLiLuLeLo » Fri May 05, 2017 5:01 pm

Anonymous User wrote:I have health insurance through my school that expires at the end of the summer. I don't start working at my firm until a couple of months after that. I assume it isn't possible for me to get on my firm's health insurance plan early, right? Does anyone have any recommendations for short-term health insurance with international coverage? (doing a bar trip)


Welfare. I was on medi-cal.

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Re: Health Insurance in Biglaw

Postby Anonymous User » Fri May 05, 2017 6:00 pm

Anonymous User wrote:How good is the mental health coverage? Do they offer plans to deal with mental health issues that require treatment?


Decent. I see a therapist periodically and get a good percentage of my costs covered, even though she's out-of-network. I imagine it would be a trivial cost if she were in-network, and most (maybe all, I don't know if the ACA requires mental health coverage) plans have at least some therapists in-network.

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Re: Health Insurance in Biglaw

Postby Anonymous User » Fri May 05, 2017 7:21 pm

LaLiLuLeLo wrote:
Anonymous User wrote:I have health insurance through my school that expires at the end of the summer. I don't start working at my firm until a couple of months after that. I assume it isn't possible for me to get on my firm's health insurance plan early, right? Does anyone have any recommendations for short-term health insurance with international coverage? (doing a bar trip)


Welfare. I was on medi-cal.


Related question: if I quit a job at the beginning of the summer to study for the bar and don't start until the fall at my firm, would I possibly still qualify for medicaid, or would the fact that I quit disqualify me? My COBRA bills would probably be through the roof so I think I'll need another option. In the NY tri-state area.

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Mickfromgm

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Re: Health Insurance in Biglaw

Postby Mickfromgm » Sun May 07, 2017 5:20 pm

Anonymous User wrote:So, I've never had to be a real adult before. I'll be working in biglaw in the fall. Does health insurance come with the job? If so, does that mean my paychecks will be lower than what they were last summer? Help is much appreciated.


Yes and yes. Your employer pays its portion, and you pay yours -- usually around 50/50 split. It won't be bad if it's just you, but family coverage is expensive as f . . . . fox.

Don't forget the other deductions that weren't made when you were a SA, such as 401(k) contributions (which you should be maxing out as soon as you are eligible - trust me on this one).

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Mickfromgm

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Re: Health Insurance in Biglaw

Postby Mickfromgm » Sun May 07, 2017 5:30 pm

Anonymous User wrote: I assume it isn't possible for me to get on my firm's health insurance plan early, right?


Correct, you cannot be covered under the employer's plan until you start.

We had COBRA after the last employment-based coverage lapsed, and we took a wait-and-see approach for two months since the coverage is retroactive as you know. After that, we bought a family policy for $1,300 per month from a big health insurance carrier on the ACA Exchange, which remained in effect until the next employer-provided coverage kicked in a month later. For example, the coverage lapsed on 6/30, the COBRA exercise option period lasted through 8/30 (we didn't exercise), bought a private policy on the Exchange for the month of September, and got employer-coverage starting 10/1.

I haven't looked into this in a long time, but you used to be able to buy a short-term foreign trip policy that has a health coverage. It was pretty reasonable back in the day.

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Re: Health Insurance in Biglaw

Postby M458 » Sun May 07, 2017 5:50 pm

Mickfromgm wrote:
Anonymous User wrote: I assume it isn't possible for me to get on my firm's health insurance plan early, right?


Correct, you cannot be covered under the employer's plan until you start.

We had COBRA after the last employment-based coverage lapsed, and we took a wait-and-see approach for two months since the coverage is retroactive as you know. After that, we bought a family policy for $1,300 per month from a big health insurance carrier on the ACA Exchange, which remained in effect until the next employer-provided coverage kicked in a month later. For example, the coverage lapsed on 6/30, the COBRA exercise option period lasted through 8/30 (we didn't exercise), bought a private policy on the Exchange for the month of September, and got employer-coverage starting 10/1.

I haven't looked into this in a long time, but you used to be able to buy a short-term foreign trip policy that has a health coverage. It was pretty reasonable back in the day.


Just FYI, I was covered under employer's plan at my firm for about 2 months before I started working (obviously had to pay the premiums, which they took out of my bar stipend). So it is possible, just perhaps not common.

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Mickfromgm

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Re: Health Insurance in Biglaw

Postby Mickfromgm » Sun May 07, 2017 5:53 pm

M458 wrote:
Mickfromgm wrote:
Anonymous User wrote: I assume it isn't possible for me to get on my firm's health insurance plan early, right?


Correct, you cannot be covered under the employer's plan until you start.

We had COBRA after the last employment-based coverage lapsed, and we took a wait-and-see approach for two months since the coverage is retroactive as you know. After that, we bought a family policy for $1,300 per month from a big health insurance carrier on the ACA Exchange, which remained in effect until the next employer-provided coverage kicked in a month later. For example, the coverage lapsed on 6/30, the COBRA exercise option period lasted through 8/30 (we didn't exercise), bought a private policy on the Exchange for the month of September, and got employer-coverage starting 10/1.

I haven't looked into this in a long time, but you used to be able to buy a short-term foreign trip policy that has a health coverage. It was pretty reasonable back in the day.


Just FYI, I was covered under employer's plan at my firm for about 2 months before I started working (obviously had to pay the premiums, which they took out of my bar stipend). So it is possible, just perhaps not common.


That's good to know - definitely good to ask then. I guess some plans are flexible enough to cover non-employees. People I know got denied when they asked. Thank you.



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