Salary and intangible payoffs are your prime considerations when evaluating a job offer. However, there’s a third critical component — corporate benefits. Missing out on these can leave you feeling less rewarded and motivated.
Besides, you may leave a lot of money on the table if you aren’t taking advantage of everything your employer offers. The US Department of Labor estimates that employee benefits are worth roughly 30% of your salary.
But the question is: How can you make the most of your workplace benefits? The first and most necessary step is to familiarize yourself with all the offerings.
Here’s a quick guide to help you take full advantage of employer-offered benefits.
1. Find out what’s available
Employees must be well-informed about the available offerings to utilize workplace benefits fully. A good starting point is checking the benefits portal. Additionally, ensure that you study the resources listed in the enrollment guide.
Further, refer to your new hire paperwork. Even if you are still left looking for the answers, the information within will equip you to ask informed questions when seeking assistance.
2. Participate in employee surveys
Companies conduct employee surveys and pulse reports to enhance the design of their programs and initiatives. Participation in these surveys is crucial, as it allows your employer to identify and address potential areas of improvement tailored to your needs.
3. Research your health insurance
Some employers provide additional incentives and perks alongside standard benefits. These may include wellness-related perks or prescription discounts and health supplies. Educate yourself on these offerings by carefully studying your health insurance policy.
Further, keep a list of accessible covered healthcare providers, and in times of need, visit only these in-network providers to benefit from the coverage.
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4. Use your PTO
If used effectively, paid time off can be crucial to your overall compensation package. Studies indicate that using PTO can significantly reduce stress and improve employee productivity.
Ensure you utilize your PTOs and spend time doing what you love outside of work to return rejuvenated and add value to your work.
5. Maximize your HSA contribution
When it comes to contributing to your Health Savings Account, viewing it as a retirement account is crucial. Consider contributing the maximum amount permitted by the IRS and use an alternative payment method for current healthcare expenses. This strategy positions you to leverage the compounding power of an HSA effectively.
The final word
Maxing out corporate benefits can boost wealth, enhance physical and emotional health, and increase job satisfaction. Over time, utilizing your perks can provide a meaningful tailwind for your financial plan.
Contact your HR representative or service provider for further guidance to optimize your workplace benefits. They can help you understand your options and prepare you for open enrollment so you feel confident in maximizing your benefits.
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This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
