I'm hoping the great knowledge of the MMM hive mind can offer me some insights / help me think through my employment opportunity.
TL:DR: I was offered at W-2 role that has terrible insurance and a 401k program (no match) that I would be eligible to participate after a year. Can I counter as a 1099 employee? I have already determined I would be buying my health care on the market place regardless of my employment as a W2 or 1099.
I lost my job back in May and have exhausted my severance. I've sent out 100's of job applications trying to switch industries and only got a few interviews that didn't go anywhere. A recruiter has found me for my current industry which I'm just bored of, but have 16 years in.
The company she has been hired for is really excited about my skill set and has offered me a position as a general manager with 5 direct reports. I have always been an individual contributor, and people management sounds not super exciting for me, but doable. Especially because this is the only offer I have in the pipeline. I can apply to roles similar-ish to this one on an IC level, but the pay would be at a 15% decrease.
The benefits were pitched to me during the interview as totally great for maintenance and 100% paying for preventative care and no cost to me. The interviewer then stated he buys his own insurance on the state marketplace because they don't offer the coverage he needs. I asked for more health insurance info and upon reviewing them, they are absolute garbage to the point that I didn't realize this could be legally offered as coverage because it doesn't even include catastrophic coverage, it's literally only preventative services and one form of contraception (this company is in manufacturing not a religious environment, but less than 500 employees and family-owned). In addition, I can't participate in the 401k program until after a year (Lincoln- which I don't know anything about), and it has no match.
My understanding is if I become an LLC and go in with a 1099 contract I can open my own SEP (is that right?) (through vanguard? -whom I already have an account with) and get some tax sheltering for my retirement savings for the year. I think this would also give me some leverage to renegotiate my rate at the end of the contract, which I'm beginning to sense that otherwise getting a raise would be a real uphill battle as a W2 employee.
I'm seeing this role as my Covid job. I can gain some experience managing people, but it's not a role I'm particularly excited about. I'm also okay if they reject this and I don't take the role as I have some savings and UI left, but don't really want to tap into savings.
What say you hive mind? Have you ever made this negotiation? I've never negotiated in my job offers before (so young and naïve). What am I not considering?
TIA- SistaStache