So, my husband's been waiting on his payroll gal to let us know what his new gross and net income will be when we switch our family to his insurance. Well, this is what we found out:
The superintendent who was in the position before my husband set a "precedent" that all benefits are automatically "cashed out" for his position. This means that his "health benefit" (equal to about 11K) is simply added to his salary as income. IF he wants the health insurance, he has to "buy it back." The cost to do that is about 2335/mo for the top plan (which we need because of my and our son's health problems). So, his paycheck will look like this:
gross: 9835 (higher than the original 8750 I've been posting because the cash out benefits are added in now)
taxes: 710
retirement: 785
health fsa: 2335
net: 6005 (lower than the 6600-6800 I was estimating because the health insurance was much higher than I expected)
I don't know if this is good news or bad news! Will a trustee blow a gasket over a health insurance expense of 2335? It is real and true, and will be documented on all of our paystubs starting Jan 1st, but will it be allowed? It will certainly ensure that we pass the means test.
Any thoughts? Is this good or bad?
The superintendent who was in the position before my husband set a "precedent" that all benefits are automatically "cashed out" for his position. This means that his "health benefit" (equal to about 11K) is simply added to his salary as income. IF he wants the health insurance, he has to "buy it back." The cost to do that is about 2335/mo for the top plan (which we need because of my and our son's health problems). So, his paycheck will look like this:
gross: 9835 (higher than the original 8750 I've been posting because the cash out benefits are added in now)
taxes: 710
retirement: 785
health fsa: 2335
net: 6005 (lower than the 6600-6800 I was estimating because the health insurance was much higher than I expected)
I don't know if this is good news or bad news! Will a trustee blow a gasket over a health insurance expense of 2335? It is real and true, and will be documented on all of our paystubs starting Jan 1st, but will it be allowed? It will certainly ensure that we pass the means test.
Any thoughts? Is this good or bad?