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Chapter 2: Chapter 2: Benefits and InsuranceBenefits and Insurance
Weighing the difference Weighing the difference between a good job and a between a good job and a
great job.great job.
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
Money is not the only important thing Money is not the only important thing to consider in finding a jobs. to consider in finding a jobs. Consider…..Consider…..
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
WHOWHOWho might you be working for? Who might you be working for?
Who might you be serving? Who might you be serving?
Who might you deal with at your job? Who might you deal with at your job?
Who might you be working with?Who might you be working with?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
WHATWHATWhat will you be doing? What will you be doing?
What experience do you have? What experience do you have?
What experience do you need?What experience do you need?
What will your total hours be each What will your total hours be each week?week?
What are your likes and dislikes? What are your likes and dislikes?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
WHEREWHEREWhere is your job’s base? Where is your job’s base?
Where is your house/apartment? Where is your house/apartment?
Where will you be working? Where will you be working?
Where could you be moved to? Where could you be moved to?
Where is the public transportation? Where is the public transportation?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
WHENWHENWhen are your normal hours? When are your normal hours?
When could you end up working? When could you end up working?
When do you start? When do you start?
When do you get your first raise? When do you get your first raise?
When are you an “official” employee?When are you an “official” employee?
When might you be able to “move up”? When might you be able to “move up”?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
HOWHOWHow hard is the work? How hard is the work?
How will you get there? How will you get there?
How many bosses will you have? How many bosses will you have?
How much will you get paid? How much will you get paid?
How often will you get paid? How often will you get paid?
How much responsibility will you have?How much responsibility will you have?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
WHYWHYWhy do you want the job? Why do you want the job?
Why do you need the job…or do you?Why do you need the job…or do you?
Why do they want to hire me? Why do they want to hire me?
Why would I be good at this job…or Why would I be good at this job…or would I?would I?
Why is this job better than other ones? Why is this job better than other ones?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
Why is this job better than other Why is this job better than other ones?ones?
What is a Benefit? (something that What is a Benefit? (something that is good for you)is good for you)
1.1. Hours?Hours?2.2. Pay?Pay?3.3. Upward Mobility? Upward Mobility? 4.4. LocationLocation5.5. Benefits? What are benefits?Benefits? What are benefits?
Chapter 2: Benefits and InsuranceChapter 2: Benefits and Insurance
Without benefits, you have a job and Without benefits, you have a job and not a likely career.not a likely career.
Good jobs will usually make extra Good jobs will usually make extra things available to you. things available to you.
Health and Life insurance are typical Health and Life insurance are typical things offered by a job, as is things offered by a job, as is retirement money.retirement money.
Car and Home insurance are almost Car and Home insurance are almost never paid for. never paid for.
Chapter 2: VocabularyChapter 2: Vocabulary
BenefitBenefit Co-PaymentCo-Payment CoverageCoverage InsuredInsured PremiumPremium DeductibleDeductible Out of Pocket Out of Pocket
ExpenseExpense
Benefits: Goals for LearningBenefits: Goals for Learning
To compute and employee’s share of To compute and employee’s share of major medical claims.major medical claims.
To understand life insurance and calculate benefits.To understand life insurance and calculate benefits. To estimate Social Security benefits at retirement.To estimate Social Security benefits at retirement. TO define pension and estimate its value at TO define pension and estimate its value at
retirement.retirement. To calculate employee and company contributions To calculate employee and company contributions
to a 401 (k) plan.to a 401 (k) plan. To distinguish between profit-sharing and stock-To distinguish between profit-sharing and stock-
option plans, and calculate the value of teach. option plans, and calculate the value of teach.
Chapter 2: Health InsuranceChapter 2: Health Insurance
Page 35 Page 35
Exercise Exercise AA
1-101-10
Co-Payment Coverage PremiumInsuredBenefit
EmployeEmployeee
Hospital Hospital BillsBills
Doctor’s Doctor’s BillsBills
MedicinMedicineses
Co-Co-PaymentPayment
BenefitBenefit
AlexAlex $8,600.00$8,600.00 $1,200.00$1,200.00 $85.00$85.00
Employee’s co-payment is 20% of the cost. Find the Co-Payment and the Benefit.
Co-Payment Hospital Doctor Med. .20
Benefit Hospital Doctor Med. Co-Payment
Chapter 2: Insurance DeductiblesChapter 2: Insurance DeductiblesPage 36 Page 36
Exercise Exercise BB
1-41-4
Out of PocketExpenses
DeductibleUse comic strip boxes to answer story problems below.
Total Bills Deductible Co-Payment
Person/Person/BillsBills
DeductiblDeductiblee
Co-Co-PaymentPayment
Her Out of Her Out of Pocket Expense?Pocket Expense?
AshleyAshley
$6,890$6,890$500$500 20% (.20)20% (.20)
What was her out of pocket expense?
Benefits: Goals for LearningBenefits: Goals for Learning To compute and employee’s share of major medical To compute and employee’s share of major medical
claims.claims. To understand life insurance and calculate To understand life insurance and calculate
benefits.benefits. To estimate Social Security benefits at retirement.To estimate Social Security benefits at retirement. TO define pension and estimate its value at retirement.TO define pension and estimate its value at retirement. To calculate employee and company contributions to a To calculate employee and company contributions to a
401 (k) plan.401 (k) plan. To distinguish between profit-sharing and stock-option To distinguish between profit-sharing and stock-option
plans, and calculate the value of each. plans, and calculate the value of each.
Chapter 2: VocabularyChapter 2: Vocabulary
BeneficiaryBeneficiary Life InsuranceLife Insurance ActuaryActuary ContributionContribution RetireRetire Social SecuritySocial Security Life Expectancy Life Expectancy
TableTable
PensionPension Pension PlanPension Plan 401 K plan401 K plan BalanceBalance DeferDefer RatioRatio
Fact: Insurance CostsFact: Insurance Costs
Insurance gets more expensive Insurance gets more expensive as you get older.as you get older.
Benefits: Goals for LearningBenefits: Goals for Learning To compute and employee’s share of major medical To compute and employee’s share of major medical
claims.claims. To understand life insurance and calculate benefits.To understand life insurance and calculate benefits. To estimate Social Security benefits at To estimate Social Security benefits at
retirement.retirement. To define pension and estimate its value at retirement.To define pension and estimate its value at retirement. To calculate employee and company contributions to a To calculate employee and company contributions to a
401 (k) plan.401 (k) plan. To distinguish between profit-sharing and stock-option To distinguish between profit-sharing and stock-option
plans, and calculate the value of each. plans, and calculate the value of each.
Benefits: Goals for LearningBenefits: Goals for Learning To compute and employee’s share of major medical To compute and employee’s share of major medical
claims.claims. To understand life insurance and calculate benefits.To understand life insurance and calculate benefits. To estimate Social Security benefits at retirement.To estimate Social Security benefits at retirement. To define pension and estimate its value To define pension and estimate its value
at retirement.at retirement. To calculate employee and company contributions to To calculate employee and company contributions to
a 401 (k) plan.a 401 (k) plan. To distinguish between profit-sharing and stock-To distinguish between profit-sharing and stock-
option plans, and calculate the value of each. option plans, and calculate the value of each.
Chapter 2: VocabularyChapter 2: Vocabulary
Profit Profit Profit SharingProfit Sharing Exercise Exercise
OptionsOptions ShareShare StockStock Stock OptionsStock Options ValueValue
Benefits: Goals for LearningBenefits: Goals for Learning To compute and employee’s share of major medical To compute and employee’s share of major medical
claims.claims. To understand life insurance and calculate benefits.To understand life insurance and calculate benefits. To estimate Social Security benefits at retirement.To estimate Social Security benefits at retirement. To define pension and estimate its value at To define pension and estimate its value at
retirement.retirement. To calculate employee and company To calculate employee and company
contributions to a 401 (k) plan.contributions to a 401 (k) plan. To distinguish between profit-sharing and stock-To distinguish between profit-sharing and stock-
option plans, and calculate the value of each. option plans, and calculate the value of each.
Benefits: Goals for LearningBenefits: Goals for Learning To compute and employee’s share of major medical To compute and employee’s share of major medical
claims.claims. To understand life insurance and calculate benefits.To understand life insurance and calculate benefits. To estimate Social Security benefits at retirement.To estimate Social Security benefits at retirement. To define pension and estimate its value at retirement.To define pension and estimate its value at retirement. To calculate employee and company contributions to a To calculate employee and company contributions to a
401 (k) plan.401 (k) plan. To distinguish between profit-sharing and To distinguish between profit-sharing and
stock-option plans, and calculate the stock-option plans, and calculate the value of each.value of each.
