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What are the health insurance options for T-Mobile employees?

T-Mobile’s employee health insurance plans include:

  • Health Savings Accounts (HSAs)

  • Health Reimbursement Accounts (HRAs)

  • Exclusive Provider Organization (EPO)

Hawaii employees have some other options.

T-Mobile provides a decision tool to help choose among the options during open enrollment.

What is a Healthcare Flexible Spending Account (FSA)?

A Healthcare Flexible Spending Account (FSA) is a tax advantaged way to pay medical expenses. Contributions are not subject to federal income tax.

However, there’s a catch. A Flexible Spending Account is essentially “use it or lose it.” Some funds can be rolled over from one year to the next. The rest are lost. That’s why it’s called a “spending” account.

It generally makes sense to use funds which would otherwise be lost.

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What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) isn’t “use it or lose it.”

Funds contributed to a Health Savings Account can:

  • roll over from year to year,

  • be invested for long-term growth, and

  • move with the employee if they leave T-Mobile.

HSAs contributions have a unique triple tax advantage in that they:

  • avoid tax on the front end,

  • grow tax-free, and

  • can be withdrawn tax-free for qualifying medical expenses

The biggest drawback is that only someone on a qualifying High Deductible Health Plan (HDHP) can contribute. That could be more expensive for individuals and families with high medical expenses.

To learn more, check out:
Pros and Cons of a Health Savings Account

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What do T-Mobile’s dental and vision plans cover?

The dental plan pays for:

  • 100% of most preventative care

  • 80% of basic care

  • 50% of major services/orthodontia

The vision plan pays for:

  • eye exams ($15 copay)

  • lenses and frames (up to $200/year, $25 co-pay)

  • contact lenses (up to $200 per year without a copay)

If leaving T-Mobile, it generally makes sense to use funds which would otherwise be forfeited.

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What are T-Mobile’s life and AD&D options?

T-Mobile automatically provides life and Accidental Death & Dismemberment (AD&D) insurance of 1.5x annual base pay and commissions.

Voluntary Life and AD&D insurance are available for purchase up to 8x. Higher amounts may require underwriting (medical exam, etc.)

Source:
T-Mobile 2024 Benefits Guide

What is T-Mobile’s disability insurance?

T-Mobile automatically covers 180 days of short-term disability at 75% of pay (with a one week unpaid waiting period).

After that, T-Mobile’s long-term disability may cover 50% of the employee’s monthly pay. A bit higher percentage is available for purchase.

Adequate life and disability insurance can be critical - especially for younger families. Disability is more common than death. Expenses could rise while income falls.

For more, check out:
How Disability Insurance Works!

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Kevin Estes is a financial planner helping T-Mobile employees and their families live their best lives.

He worked in T-Mobile Financial Planning & Analysis for nine years. Kevin received a certificate in financial planning, passed the CERTIFIED FINANCIAL PLANNER™ exam, and founded Scaled Financed in 2022.

Learn more