I'm currently comparing open market insurance plans (family coverage) against my company's offerings. I'm seeing a potential savings by switching to open market coverage for my wife/son, considering my company covers the entire premium for a single employee.
Current company plan = $1100 per month
Open market for wife/son = $800 per month (roughly equivalent coverage), $0 for my own premium on company plan
Question: I'm getting stuck on how to compare these apples to apples, considering my company's plan is paid for with pre-tax dollars while the open market plan would be paid for with post-tax dollars. I'm thinking that this may end up being closer to a wash when taking this into account, but i'm stuck on the math here. From a tax bracket standpoint, we'd be married filing jointly making ~$110,000 gross annual salary.
Thoughts? Perhaps I'm overthinking this? Thanks in advance.
