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CORE PFRP FOR TRANSITION

CORE PFRP FOR TRANSITION. Module 1.3. Core PFRP for Transition. Cost of Living Analysis. When relocating, consider what could impact your financial plan Salary Housing Utilities Taxes (including tax benefits for veterans) Food Child care

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CORE PFRP FOR TRANSITION

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  1. CORE PFRP FOR TRANSITION Module 1.3 Core PFRP for Transition

  2. Cost of Living Analysis When relocating, consider what could impact your financial plan • Salary • Housing • Utilities • Taxes (including tax benefits for veterans) • Food • Child care • Commuting costs, clothing, entertainment, school costs, climate, health insurance

  3. Cost of Living Comparison www.bestplaces.net www.bankrate.com www.retirementliving.com www.kiplingers.com www.military.com

  4. Military to Civilian Pay www.salary.com www.payscale.com www.onetonline.org/crosswalk/MOC www.bls.gov/bls/blswage.htm

  5. O*Net Online Salary & Projected Job Growth* *Median wages (2010) & projected job growth 2008–2018

  6. A Pay Comparison A difference of $939!

  7. Compensation Comparison • Use “Compensation Comparison” handout to compare compensation packages and track future job offers • Include retirement plans, healthcare, insurance, and other benefits • Consider what you will need for both replacement income and benefits

  8. Personal Statement of Military Compensation‘Total Military Compensation Package’

  9. Benefit Package and Perks Which is the better offer? Company B $48,000 Annual salary Company A $45,000 Annual salary Benefits Package: $200 @ month parking voucher worth $2400 Free annual gym membership worth $720 Health care plan worth $700 annually No Benefits Package

  10. Benefit Package and Perks Company A $48,820 Company B $48,000

  11. Civilian Health Insurance Individual vs. Group Health Insurance

  12. Methods of Covering Health Care Costs INSURANCE Health Maintenance Organization (HMO) MUST get care from providers who work with the HMO Preferred Provider Organization(PPO): More flexible than a HMO; can get care from provider of your choice/no referrals Point of Service Plan (POS): More flexible than HMO but less than PPO Primary Care Physician must be within the participating provider list • PAY/SAVE ON YOUR OWN • Three methods; each with their own rules: • Health Savings Account (HSA) • Flexible Spending Account (FSA) • Health Reimbursement Account (HRA) • Designed to reimburse employees for out-of-pocket costs (deductibles, co-insurance payments, eye exams, etc.) • Check with your HR Department, or the IRS website (www.irs.gov) for the more information

  13. Continued Health Care Benefit Program (CHCBP) • For Service-members separating from active duty (& families) • Must be under other than adverse conditions • Eligibility is for up to 18 months of CHCBP health benefits after enrollment • Enrollment & Fees • Must enroll w/in 60 days of loss of military health care benefits • Coverage must be effective as of the date eligibility for military health care is terminated • Quarterly premiums • $1,065 (FY12) / $1,138 (FY13) member only • $2,390 (FY12) / $2,555 (FY13) member and family • Enrollees responsible for paying cost shares and deductibles

  14. Consider These Comps

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