If you have employee benefits, you may have heard the common advice that you should take full advantage of your retirement accounts, secure the best health insurance, and take all your paid leave. While all of this seems relatively straightforward, there are often multiple options to take advantage of, and if you don’t know how to leverage everything available to you, you could miss out on a significant portion of your compensation package.
Understanding Tax-Free Health Accounts
“Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Dependent Care Flexible Spending Accounts are benefits that most employees leave on the table,” says Harrison. “Each of these accounts allows employees to save and pay for healthcare, personal care supplies, and even daycare fees, all while reducing taxes and increasing disposable income.”
It is estimated that over 70 million employees are enrolled in an HSA or FSA, but that doesn’t mean they know how to utilize them. According to a 2019 Bank of America report, only 57 percent of employees say they have a good understanding of HSAs. Without a comprehensive understanding of how these accounts work and what they can offer, you may miss critical opportunities for saving and investing.
Consider Other Health Benefits
Healthcare can cover more than just your doctor visits. Depending on your insurance company, you may have access to wellness incentives such as discounts on gym memberships, stress relief tools, and even therapy. Recently, more and more employers are offering these services directly to employees.
For example, Kari Hogans, a blogger and mother of seven, took a part-time job solely for the benefits, and wellness benefits were especially important to her. After her divorce, she sought out companies that offered excellent benefits for part-time employees and was determined to take advantage of everything available.
Starting Family Planning with Fertility Benefits and Maternity Leave
According to an article in the Harvard Business Review early in 2022, a recent survey showed that “12 percent of over 1,000 participants said they receive fertility and family planning benefits from their employer.” This means that some employers offer fertility support benefits, including reimbursement or discounts for IVF and egg freezing as employee perks.
Research conducted by Carrot’s global fertility expert team showed that while 31 percent of people would not feel comfortable asking for fertility benefits from their employer, 77 percent said they would stay at the company longer if fertility benefits were offered. Additionally, 88 percent said they would consider changing jobs to access fertility benefits. Many large companies like Starbucks, Google, and Apple already offer fertility benefits to employees, but an increasing number of startups and regional companies are also providing them.
Check for Continuing Education and Development Rewards
Student loan forgiveness may seem specifically designed for employees working in public service, but many companies and institutions offer ways to help employees pay off loans or provide opportunities for personal development that won’t drain their savings.
Amazon, Disney, and others offer many tuition reimbursement programs, while others provide discounted or low-cost online training programs or professional certifications in the workplace, especially in tech fields. Udemy, Coursera, and LinkedIn Learning are some popular options, but you can also ask your employer about custom training or publicly available subscription platforms that they may fund or reimburse.
Check
From Your Employee Assistance Program
This program is available under various names, but many employers offer an Employee Assistance Program that includes a range of services, devices, and tools to help employees in all aspects of life.
In the federal government, many employees can benefit from the WorkLife4You benefits platform, but in academia or corporations, these services may be a branded offering of the company. In fact, union employees may receive the same services directly from the union itself.
Grant says that the benefits of the Employee Assistance Program are usually available for free, but they are often provided through a third-party service provider. For this reason, it may be hard to know what to ask for and where to find it. Some services are activated by life events, while others are available continuously whenever you need them. However, the support is really beneficial and usually free. Employee Assistance Programs typically include:
- Confidential mental health support from trained professionals
- Financial counseling to assist with taxes, investment planning, or retirement saving
- Legal guidance from licensed attorneys
- Will and estate planning guidance
So, how can you access these programs? “Most employers have a document outlining the benefits you can request before you accept the position,” says Grant. “If they don’t have that, ask for an overview of the benefits so that you can make an informed decision about accepting the position.” If you are already working at the company, review the employee handbook, the benefits portal, or ask the HR department for more information.
Source: https://www.realsimple.com/how-to-maximize-employee-benefits-6827528
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