A numerical analysis of optical waveguides with multilayer dielectric coatings is presented. The simulation is based on the plane wave expansion method, taking into account the exact guided mode profile of the waveguide. The method is free from any assumption about the homogeneity of the waveguide. The power reflectivity is calculated for both antireflection coatings and high-reflection coatings. The accuracy of the model is verified by comparing with the exact results and other simulation methods. The speed and accuracy of the plane wave expansion method make it suitable for direct numerical optimization. The method can also be used as an analytic tool to analyze the behavior of waveguides with multidielectric coatings.