(Based on a $100,000 annual salary)
- How much paid time off do they offer? If your yearly salary is $100,000 – your daily rate of pay is approximately $385. If you are offered 22 PTO days per year, your employer paid benefit for PTO is $8,470 per year.
- The most popular retirement plan offered by employers is the 401(k) plan. Employers differ in how much of your annual contribution that they are willing to match. If your employer matches 50% on the first 6% that you contribute to your 401(k), then they will be contributing 3% of your salary to your plan. In this scenario, your employer paid the 401(k) match benefits of $3,000.
- Some employers provide a continuing education allowance. The average continuing education allows for Nurse Practitioners is around $1,500 per year.
- Insurance
The type of health insurance benefits that a company offers can be a deal breaker for many job seekers. Some employers will cover 100% of your monthly insurance payments but the majority will pay a smaller percentage. Even if your employer only covers only a percentage of your premium, the costs paid by the employer are still worth observing. If your employer will pay 60% of your insurance premium, and the policy covering your family of 4 costs $15,000 per year, then you would receive an annual benefit of $9,000.
- Malpractice insurance – plan costs vary depending on location and specialty, but the average annual premium for NPs and PAs working in primary care is around $12,000 per year.
- Life insurance – premiums are determined by age and gender but a general estimate for a family of 4 is $1,000 per year.
- Disability insurance – similar to life insurance, the price of disability insurance is based on age, gender, and also how much salary you want to replace. Generally, the premium cost is 1-3% of your salary. So, if you are making $100,000 per year, your employer would be paying $1,296 towards disability insurance per year.
- Dental insurance – many employers will pay for an annual dental insurance premium of $1,800 for a family of 4.
- Vision insurance – the average vision insurance plan for a family of 4 is $600 per year.
If we add up all of compensation from benefits (based on a $100,000 annual salary), it comes out to $38,666. This would increase your salary to $138,666!
Of course, we have just given a rough estimate based on common employee benefits packages. Some employers may offer less while others will offer more. Regardless, it is important to take into account how much your benefits are actually worth when you are considering a new position.
*http://career-advice.monster.com/salary-benefits/benefits-information/calculate-your-benefits-worth/article.aspx
http://wealthpilgrim.com/benefits-at-work/
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