3 ms·
Federal minimum wage is $7.25/hr. Average full-time working hours in a month is ~168 hours. So $1,218. Minus FICA (7.65%), $1,124.83. That healthcare plan, befo
by vel0city 3y ago
Federal minimum wage is $7.25/hr. Average full-time working hours in a month is ~168 hours. So $1,218. Minus FICA (7.65%), $1,124.83. That healthcare plan, before copays or whatever other costs, is already 42% of your income. You've got $647 to budget with for the rest of the month.
That said, if you're on minimum wage, you're getting other subsidies for the plan and might qualify for Medicaid anyways, so honestly looking at this average cost and comparing incomes is already a pretty useless comparison anyways. You'd have to know what all you qualify for which will vary from state to state. So nobody getting paid minimum wage is spending $477/mo for health insurance.