Wage Negotiation Power: Don’t Leave Free Money on the Table
- March 30, 2023
- Ask Betty!
Today‘s question explore WAGE NEGOTIATION POWER & comes from momNrn_92.
We‘re here to help answer that question and give you a better understanding of your insurance options.
Q from YOU to Ninja HQ
“Are there any surprising aspects to getting your own insurance versus using your agencies?”
Wage Negotiation Power: Agency Coverage vs Your Own
When it comes to Health Insurance, it doesn‘t get much more confusing than Agency Insurance versus getting your own coverage. So many questions and not enough answers. Well, we’ve got the skills of a Ninja & we‘ve got you covered.
There are a few important things to consider when evaluating Agency Insurance versus getting your own.
For starters, many nurses are unaware that their hourly rate goes up if they decline the Agency Insurance and get their own coverage.
The average pay increase for not taking Agency Insurance is between $300 to $800 a month. That can be a significant jump in pay, so it‘s definitely worth exploring.
Does Your Agency Offer PPOs - Wage Negotiation Power
The best way to start is to ask your recruiter what the hourly rate is with and without your Agency Insurance and then compare the costs. If the rate of your own coverage is lower, it may be a wiser investment in the long run.
Additionally, it‘s important to assess what kind of coverage you are getting from the Agency. Check to see if the Agency is utilizing a PPO (Preferred Provider Organization) or HMO (Health Maintenance Organization). PPOs are more flexible than HMOs, which often have more stringent rules such as requiring you to receive care from providers within the network.
If you’re unclear on what YOUR Staffing Agency benefits are like, be sure to schedule a Free Agency Plan Review & we’ll go over everything in full detail with you.
Wage Negotiation Power - Don't Leave Free Money On the Table
Keep in mind, every time you take an Employer’s insurance you COST them $500-600 a month! This is how much an Individual plan costs THEM.
When the Agency negotiates the contract with the Facility, they calculate that cost into their agreement. If you choose to NOT take their insurance you should NEGOTIATE a claim to at least SOME of it.
Even $2/hour for a 36-hour week is nearly $300/month!
Maintaining YOUR Wage Negotiation Power
Another benefit to getting your own coverage is getting to choose the specific coverage you want. With Agency Insurance, you are limited by the coverage that is provided. You won‘t have as much flexibility, but this might end up saving you money in the long run.
Finally, you need to consider the tax implications. With Agency Insurance, the cost of your insurance usually comes out of your paycheck pre–tax. This means your deductions will be lower. With your own coverage, you will have to pay the cost of your insurance after taxes. This means you might end up paying more in taxes each year.
Overall, there are a few surprising aspects to getting your own insurance versus using your agencies. However, there is no right answer to this question. It really comes down to looking at the details of the coverage you are getting and determining which option is best for you. Be sure to explore the different options and do your research before you make a commitment. You can even schedule a consultation and receive a full cost comparison analysis of all your Agency’s options & all your options from all insurance companies in both Markets so you can view all your options in on place at the same time.
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Wage Negotiation Power: Don’t Leave Free Money on the Table
- March 30, 2023
- Ask Betty!
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Get your bi-weekly dose of “Ask Betty!” series. This is an activity that YOU can participate in, and if YOUR question is used in an Episode, we’ll email you a $25 Amazon gift card! Good luck.
PM your insurance question to Ninja Betty via our Facebook Business page (here).
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Subscribe to our monthly newsletter & receive all our free resources once a month in your Inbox.
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