If you are not taking full advantage of the benefit package your employer offers you, you could be leaving money behind. And it could have detrimental effects on your future. 

You owe it to yourself to know what is offered and seek to understand those offerings. The benefits offered are part of your salary – take advantage of the gift. 

Benefit packages differ between employers. Offerings are dependent on size of the employer, your length of employment and possibly the ‘wait’ period before available to you as the employee. 

Not meant to be all inclusive, here are the typical benefits offered, what you need to know, and how to use them to their full potential:

• Health Insurance. Most health benefits are open for enrollment once employed or after a designated wait period. If you want to make updates or change your coverage, you will need to wait for open-enrollment window, generally the last quarter of the year.
  Know the difference between a HSA (Health Savings Plan) and a FSA (Flexible Spending Plan). HSA comes with a high deductible (HDHP); learn more here. What is the deductible? Do you have enough in savings to cover the deductible if needed? What does the insurance cover?  What are the co-pays and percentage of coverage after the deductible?
• Dental Insurance. Review coverage vs cost as well as the lists of dentists who participate in the plan
• Retirement Benefits. Ask: is there a match? when does it start? Is there a ‘vesting’ (years of service required before match dollars belong to the employee) clause?  
  
  • 401K.  A before tax contribution to your retirement fund. Reduces your taxable income. 
  • 401K ROTH. An after tax contribution to your retirement fund. Growth on contributions grows tax free. 
  • Non-profits and pensions. Gather all information about your options and participation requirements.
  • KNOW THIS: you can have access to your money saved in your 401K.  If it is a loan, you will be p
• Disability Insurance. This covers if you are disabled or unable to work for a period of time. Ask about benefit rates, definition of disability, benefit perods as well as the wait period. 
• Life Insurance. If life insurance is offered, it is generally a small term policy that ends when employment ends. Consider putting another policy in place that will continue no matter employment status. 
• Education Benefits. Want to work towards a certification or finish a degree? This is worth some pennies!
• Paid Vacation and Sick Days. When do I begin acquiring? How many vacation days do I receive/year? When do vacation and/or sick days begin to accumulate?

There is a monetary gain to your benefit package. Treat it as part of your salary, money  not in your bank account, yet a monetary value indeed.  Benefits  save you money and help take care of you and your family.

If you don’t know or understand your benefit package, make an appointment with your HR director. You owe it to yourself. 

For the love of family,

Kristin