When most of us go job hunting, the number one benefit we seek is health insurance. (At least in the US.) Beyond that we hope for a 401k or other retirement plan (a match is a bonus!), and maybe dental or vision insurance. If those things are covered, we heave a sigh of relief and toss the benefits book from HR into a drawer and forget about it.
However, your employer may provide many more benefits. If you fail to read that book (and don’t check it every time you need some sort of discount or assistance) you could be leaving thousands of dollars on the table, and paying full price for things you don’t need to pay for! Most of us don’t think to consult our employer when we need a discount on something, or help finding a service, but you might be surprised by what your employer offers.
Here’s a sampling of what might be hiding in your benefits book.
Education assistance
If you need or want further education to help you advance your career, your employer may help pay for it. They may pay for all or part of your cost for certifications, extension classes, or full degree programs. Some may offer to help repay your student loans, as well, or contribute to your child’s 529 program.
Child care assistance
Some employers offer assistance with child care expenses, either through reimbursement or onsite child care. They may also have recommendations for nearby facilities that offer discounted services to employees.
HSA (Health Spending Account)
If your employer offers a high deductible health insurance program, see if they also offer a health savings account. (If they don’t, you can open your own as long as you have a qualifying health insurance program.) This is a way to contribute pre-tax money to an account that you can use for health expenses. Bonus: HSA money is yours forever and it doesn’t expire at the end of the calendar year. It keeps growing until you need it. If your employer offers this, they may also offer some matching contributions, as well. Don’t leave money on the table!
FSA (Flex Spending Account)
Unlike an HSA, the money you contribute to an FSA expires at the end of the calendar year. It’s use it or lose it. However, the money you put in is pre-tax and can be used on most health-related expenses. Some employers may offer some form of matching, as well.
Life insurance
You may have the ability to purchase discounted life insurance for yourself and your partner. Some employers cover the employee as long as they’re employed, but they also offer you the chance to buy more (and portable) coverage for a lower price than you’d find on the open market. The application process is sometimes easier, as well, as some employer policies waive the need for a physical.
Long term care insurance
Some employers provide access to discounted long term care insurance that can help cover your care expenses should you end up needing assisted living or a nursing home.
Long term disability
You may have access to discounted or free long term disability insurance that will replace some or all of your salary should you become disabled during the course of your employment. You may have a chance to buy more coverage than what’s offered, or to buy-in for your spouse.
Other insurance
Beyond the insurance types listed above, you may also have access to discounted pet insurance, auto insurance, legal insurance, umbrella insurance, or home insurance.
Leave policies
We often look at the vacation time we’re offered, but we forget about other forms of leave. There may be time off offered for bereavement, extended sick time due to major illness or injury, paid days that you can take for any reason, and parental or family leave. If you have access to special leave types and you need them, use those before you dig into your vacation time, if possible.
Assistance and Advocacy services
You might find that you have access to information, referrals, and assistance on a variety of topics through an employee assistance or advocacy service. These are usually confidential services. Your employer will not know what you used the service for, or even that you even used it at all. It’s designed to help you with issues that may be affecting your work performance. This may include information on finances, marital issues, caregiving, wellness, mental health, senior resources, health issues, parenting, education, or addiction.
Dues/Professional association assistance
If membership in an organization or association is required/recommended for your job, your employer may pay some or all of the dues.
Home office stipend
If your employer allows you to work from home, they may provide some assistance with expenses like printer ink and paper, computer equipment, or furnishings such as an ergonomic chair or standing desk.
Commuting and parking
Some employers offer help paying for parking or traveling toll roads. They may also offer discounted bus or vanpool access.
Back-up child or elder care
Some employers offer access to services that provide emergency access to child or elder care when regular arrangements fall through. This helps keep the employee at work rather than scrambling for other arrangements. It benefits the employer more than the employee in some ways, but it can at least keep you from running around trying to find replacements.
Wellness benefits
More employers are contributing to employees’ overall wellness through things like onsite gyms or discounted gym memberships, subscriptions to wellness apps or services, healthy eating or weight loss resources, stop smoking programs, or free access to mental health resources and workshops.
Discounts
You might find that your employer has relationships with local businesses, or has a partnership with a national discount program, to offer you discounts on things like event tickets, travel packages, contractors, memberships, cars, appliances, and many other things.
Access to professional advice/planning
You may have free access to professionals that can help you plan for retirement, teach you the ins and out of Medicare or Social Security, check your insurance coverage, help you invest, and more.
When you leave…
Your benefits book also likely spells out what you’ll get when you retire or separate from the company. It likely details the vesting schedule for your retirement plan, which (if any) benefits you can port into retirement, what happens to any bonuses or stock options if you leave before the distribution date, and so on. Give it a look before you pick a retirement or quit date to make sure you don’t miss a big payout by leaving two days too soon!
Your employer may offer other things, as well. There’s always ongoing research to find out which benefits employees want and some employers are more creative than others when it comes to offering helpful benefits. Read your benefits book often and if you don’t see something you need, it can’t hurt to ask at HR if there’s a similar benefit on offer. (Or suggest it for next year!)
Read More:
5 Benefits To Look For This National Employee Benefits Day
How Far Should You Expect An Employer To Bend When Hiring?
How Full-Time Benefits Impact The Job-Seeking Market
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