In an ideal world, your job would be constant and steady. You’d have a set salary, time off, and benefits.
But what happens when those benefits change? Or when you’re not sure if you’re getting all the perks that come with working in your particular field?
Today we’re going to help guide you through some of the benefits of your job, and how to take advantage of them.
1. Do you have an HSA? Contributing to it can save you a ton of money.
An HSA is a Health Savings Account that allows you to save money on medical bills in a tax-advantaged way.
Through your employer, you can contribute up to $3,850 for an individual or $7,750 for a family plan in 2023, and those contributions will come out of your paycheck pre-tax.
The benefits of HSAs include:
Tax savings – When you spend money on eligible expenses using funds from an HSA instead of an FSA or another health care account (like COBRA or Medicare), it’s tax-free!
Easy access – Unlike flexible spending accounts (FSAs), which only allow participants to withdraw funds before they’re due (up until March 15th), HSAs don’t require any special paperwork after receiving medical treatment—just pay out-of-pocket and reimburse yourself later with no penalty fees!
2. Don’t ignore your dental or vision coverage – take advantage of it!
Dental and vision insurance are two of the most common benefits offered by employers. You may not even realize that you have dental, vision or any other kind of health insurance at work.
The main reason for this is that these plans are typically part of an employee’s compensation package and aren’t considered optional (especially if you’re not going to take advantage of them).
3. Get Life Insurance-The Sooner the Better
One of the best things you can do for your family and loved ones is to make sure they will be taken care of if something happens to you.
That’s why it’s important to look into a life insurance policy through your company as soon as possible (or at least every few years).
The sooner you have one, the better it will be for you. If you are young and healthy, then this is a great way to ensure that your family or partner won’t have any financial burdens after your passing.
It also helps them with their daily expenses while they’re getting back on their feet again after such an unfortunate situation.
4. Can you invest in a 401k? If so, do it!
A 401k is an employer-sponsored retirement savings plan. It allows employees to invest money before taxes in order to save for their future.
The money that you invest can be either pre-tax or post-tax, depending on your situation and the plan details of your company’s 401k.
You should know that there are several types of options when it comes to investing your money in a 401k plan.
You can choose stocks (publicly traded companies), bonds (corporate debt) and mutual funds (portfolios of stocks and/or bonds).
5. Ask your Human Resources department about any other benefits
Many companies, especially in the tech sector, are offering employees incentives to give back to the community.
If you have a balance on your medical and/or student loans, it never hurts to ask if there are any programs in place that could help offset those costs while still allowing you to take advantage of all the other great benefits of your job.
Another perk worth looking into is mental health perks. Many companies now offer “wellness” programs that allow their employees access to mental health counselors or psychologists on-site at work.
This can be a huge relief for those who want professional help but don’t want it interfering with their careers or daily routines too much.
Be sure to ask when their open enrollment period is. It’s a good idea to know when this occurs in case you want to make any changes (such as switching health insurance or enrolling in a retirement plan).
By taking advantage of the benefits that your employer offers, you can save yourself some money and improve your health at the same time.
Be sure to do your research and ask questions when necessary so you don’t miss out on anything important!
Many positions come with an employment contract that explains the details of your employment benefits but they can be hard to understand. Get help with yours here.
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