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I am getting health insurance from my job and it shows the cost as the following:
Your Total Cost
Per Deduction: $107.48 per deduction pre tax deduction
Per Year: $1,289.76
I get paid bi weekly which is roughly 2 times a month. How much money should they be taking out of my paycheck every 2 weeks? Should it be $107.48 or a different amount? On my recent paycheck that i received it shows the deduction as $214.96 (which is two times the 107 amount). This is the first time i am getting deductions taking out of my pay. the health insurance became effective a few days ago
I am getting health insurance from my job and it shows the cost as the following:
Your Total Cost
Per Deduction: $107.48 per deduction pre tax deduction
Per Year: $1,289.76
I get paid bi weekly which is roughly 2 times a month. How much money should they be taking out of my paycheck every 2 weeks? Should it be $107.48 or a different amount? On my recent paycheck that i received it shows the deduction as $214.96 (which is two times the 107 amount). This is the first time i am getting deductions taking out of my pay. the health insurance became effective a few days ago
Are you getting paid every other week - biweekly - which is 26 pay periods a year (52/2=26)?
Or ..
Are you paid twice a month - semi-monthly - which is 24 pay periods a year (12x2-24)?
If the deduction is $107.48 per pay period, then your annual cost is clearly not $1,289.76, as follows:
24 x $107.48 = $2,591.52/yr
26 x $107.48 = $2,794.48/yr
That said, if the annual cost you originally quoted is, in fact, only $1,289.76, then your employer should be deducting, per pay period, either of the following:
$1,289.76/26 = $49.58/pay period (bi-weekly)
$1,289.76/24 = $53.74/pay period (semi-monthly)
Not $107.48 - and clearly not $217.96.
You better talk to your HR people for clarification.
Last edited by Ariadne22; 01-03-2014 at 10:39 PM..
It is possible the entire monthly amount will be deducted from the first check you receive in the calendar month. Your employer may have to pay all the premiums monthly. As Ariadne said, check with HR to find out for sure.
It's possible that the first two months are being taken as we have been notified sometimes happens with Medicare. I don't recall the reasoning, just remember seeing the caution about it.
But you've already been given the best advice...ask your HR department.
Is deductible for health insurance from each pay check making in advance?
For example: I got biweekly pay check August, 26 and deductible was made for health insurance. Is it mean I paid for my insurance for next TWO WEEKS, until September, 08??
Is deductible for health insurance from each pay check making in advance?
For example: I got biweekly pay check August, 26 and deductible was made for health insurance. Is it mean I paid for my insurance for next TWO WEEKS, until September, 08??
Talk to your HR people. We have no idea what your company's policy is. When I worked, one had to wait three months before being eligible for health insurance. When that time arrived, the coverage began on the 1st of the month, but the deduction was not made until the 15th and 30/31st of that same month. So, I was paying in arrears. That said, many firms now cancel coverage mid-month - which was not the case for my employer either. If one was on the payroll through the 3rd of the month, one had coverage for the entire month - and that payment was taken from the final check.
Is deductible for health insurance from each pay check making in advance?
For example: I got biweekly pay check August, 26 and deductible was made for health insurance. Is it mean I paid for my insurance for next TWO WEEKS, until September, 08??
Keep in mind that the deduction for the premium is not the same as your deductible, which is an amount you have to pay for care before the insurance starts paying.
I am getting health insurance from my job and it shows the cost as the following:
Your Total Cost
Per Deduction: $107.48 per deduction pre tax deduction
Per Year: $1,289.76
I get paid bi weekly which is roughly 2 times a month. How much money should they be taking out of my paycheck every 2 weeks? Should it be $107.48 or a different amount? On my recent paycheck that i received it shows the deduction as $214.96 (which is two times the 107 amount). This is the first time i am getting deductions taking out of my pay. the health insurance became effective a few days ago
Usually your insurance starts on the 1st of the month so it's possibly that your deductions were for the 2 pay periods this month and they just caught up on this check. It's also possible that you paid for September and October's first payment since you always pay your insurance in advance and guessing you got a paycheck yesterday. You probably need to talk to your payroll person to double check and make sure it's not a mistakt though too.
For example: I got biweekly pay check August, 26 and deductible was made for health insurance. Is it mean I paid for my insurance for next TWO WEEKS, until September, 08??
Did you or anyone else find out if your premium-which I think you meant-pays out the next 2 weeks of insurance?
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