Squarespace

As BKFI grows, we’ve had a chance to develop a familiarity with Squarespace, their benefits, and equity compensation plan. Here’s some insights we’ve gleaned from their employer-sponsored benefits.

Squarespace provides a robust benefits plan for its full-time employees, and it’s time once again to make your elections for the upcoming year. Making educated choices this open enrollment can save you money and help you navigate whatever challenges lie ahead next year. We’ve put together this guide to help as you make these choices - feel free to share it with your colleagues and friends who may find it helpful.

Please note that benefits are subject to change at any time.

HEALTH INSURANCE

Squarespace’s plan through Cigna provides one, rather robust and comprehensive option with the Cigna Open Access Plus Plan. This is a PPO plan, where visits to in-network providers like your physician or a specialist, or a trip to the ER are covered by a co-pay - often $30 for your family doctor or $50 for a specialist. While the plan does not have a deductible for in-network coverage, the out of pocket maximum is $3,000 for individuals and $7,500 for families. Participating in the PPO plan will not allow HSA contributions, but it will allow you to save to Healthcare Flexible Spending Account on a pre-tax basis.

BKFI Tip: In addition to offering health insurance, Squarespace also provides access to a Headspace, Talkspace, and a robust Employee Assistance Program. All great perks!

DEPENDENT CARE BENEFITS

Squarespace 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.

DENTAL

Squarespace pays 100% of the premium cost for the Cigna Dental PPO plan. As a PPO, the details of this plan favor going to an in-network dentist.

VISION

Squarespace pays 100% of the premiums for Vision coverage, which partially covers exams, lenses, and frames once per year with some modest copays.

BKFI Tip: Out of pocket expenses for Vision and Dental are covered by your FSA - keep your receipt and get reimbursed tax-free.

LIFE INSURANCE

As part of your robust benefits plan, Squarespace provides 3x your annual salary in life insurance - up to $700,000.

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. 

DISABILITY INSURANCE

Squarespace provides personal care leave and long-term disability insurance – both at no cost to employees. Personal care leave pays 100% of your salary for 8-weeks, and then 80% of your salary for an additional 4-weeks. At that point, long-term disability coverage kicks in at 60% of your monthly salary with a maximum benefit of $12,500/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. 

RETIREMENT PLANNING

Squarespace’s retirement plan is administered by Fidelity and does offer a company match. Squarespace matches 100% of the first 3% you contribute – and 50% of the next 2%. The plan allows for both pre-tax and Roth contributions, up to a maximum of $19,500. Employees age 50 or older can make a catch-up contribution of up-to $6,500 annually.

BKFI Tip: Have you maxed out your 401(k) for this year? If not, there’s still time to go in and update your contributions.

Bonus BKFI Tip: Review your 401(k) beneficiaries annually and make sure they match your wishes. 

Charitable Match

Squarespace will match $600 of your charitable contributions each year to an eligible non-profit. Review the company’s criteria for more information.