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Coinbase’s plan through Anthem and Kaiser includes three options:
- A High Deductible Health Plan (HDHP)
- Preferred Provider Organization Plan (PPO)
- A Health Maintenance Organization (HMO)
- The HDHP, like its name, has a higher deductible — $2,800 for individuals and $5,600 for families for in-network coverage. This means that aside from preventative care, the expenses are out-of-pocket until you reach your deductible. This plan is also compatible with a Health Savings Account (HSA). That’s a special account for medical expenses that you can contribute to on a pre-tax basis (payroll deduction), and withdrawal from tax-free for medical costs. This plan may be attractive to single folks who don’t have underlying conditions. The plan is offered at no cost to you for employee-only coverage. Coinbase even makes HSA contributions on your behalf.
- The PPO plans are different, visits to in-network providers like your physician or a specialist, or a trip to the ER are covered by a co-pay — often as low as $10 for your family doctor. And the deductible in this plan is much lower — as low as $150 for individuals and $450 for families for in-network coverage. Participating in the PPO plan will not allow HSA contributions, but it will allow you to save to a Healthcare Flexible Spending Account on a pre-tax basis.
- The HMO plan is a third option in which your Primary Care Physician coordinates all your care — and relies heavily on referrals. This more limited option, has a deductible as low as $0 and is primarily aimed at employees in California.
Which plan you choose depends on a variety of factors: how often you anticipate using your insurance, cash flow needs, and tax considerations.
If you rarely go to the doctor aside from an annual physical, and don’t take prescription drugs, the HDHP may make sense — and allow you to stash away savings tax-free for medical costs later in life. However, if you want to know that a few trips to a specialist will simply cost your co-pay, and not a few thousand dollars, the PPO plan will have minimal impact on your cash flow.
BKFI Tip: Consider electing the HSA plan, maxing it out every year, and paying for your expenses out of other savings to maximize the tax-free growth of the HSA! An HSA is a great way to save tax-free for things like LASIK eye correction, cosmetic dental work, and other surgeries. Because of the low cost and flexibility of the PPO plan, we generally recommend it over the HMO.
Dental
Coinbase pays 100% of the premium cost for their Standard Guardian plan for employees, with an option to upgrade for Premier coverage. Consider choosing the Premier plan if you anticipate orthodontic care needs for your family or high out-of-pocket dental expenses in the upcoming year.
Vision
Coinbase pays 100% of the premiums for Vision coverage, which partially covers exams, lenses, and frames once per year. A vision exam will cost you just $10 with this plan. There is also a $180 credit for contact lenses and frames.
BKFI Tip: Out of pocket expenses for Vision and Dental are covered by your HSA — keep your receipt and get reimbursed tax-free.
Life Insurance
As part of your robust benefits plan, Coinbase provides 2x your annual salary in life insurance — up to $500,000. You can purchase additional coverage of supplemental life insurance. You can purchase additional “Voluntary” life insurance in increments of $10,000, we recommend this for parents of young children or when there is only one working spouse.
BKFI Tip: Diversification matters. No, we aren’t talking about investments, we’re talking about life insurance. If you need life insurance, be sure not to link all of it to your employer’s coverage. Consider getting your own policy that you can keep even if you leave your job.
Bonus BKFI Tip: Don’t forget to name a beneficiary when setting up your employer-sponsored life insurance coverage. Make sure the funds go where you want them, should something happen to you.
Dependent Care Benefits
Coinbase provides a Dependent Care FSA as well. This allows pre-tax funds to be set aside for childcare expenses — up to $5,000/year. If you have kids in daycare, or after-school care, this can save you some money in taxes.
BKFI Tip: Both Dependent Care and Healthcare FSAs are ‘use it or lose it’ meaning the contributions must be spent before March 15th of the year following your contributions. For example, 2021 contributions must be spent by March 15th, 2022 or they’ll be forfeited to your employer.
Disability Insurance
Coinbase provides both short-term and long-term disability coverage. Long-term disability kicks in when the short-term policy runs out and pays 60% of your base salary up to $12,000 per month. Long-term coverage stops paying when you’re no longer disabled, or reach retirement age.
BKFI Tip: When your employer pays the premiums for disability insurance, the benefits are taxable to you when you receive them. Consider what 60% of your pay is, and then imagine income taxes coming out of that — that’s what your take-home would be under a long-term disability plan.
