How To Maximize Employee Benefits: Making The Most Of Your Salary
It's common to get bogged down in your base salary. Yet employee benefits go far beyond standard pay for your position and potential for company equity — you need to think holistically about your job's compensation to use all the perks to your advantage.
Robust use of your employee benefits package can considerably boost your overall earnings, improve your quality of life, and achieve great job satisfaction. Sometimes, it can even make achieving your financial goals easier! With that in mind, let's take a look at the top six ways you can take complete advantage of your employee perks.
6 Ways To Maximize Your Employee Benefits To Take Full Advantage Of Your Salary
1. Look Into All Employer-Matching Programs
Employer-matching schemes for health and retirement savings accounts are a core component of your overall compensation. So, it's imperative to contribute the minimum amount to receive a match, provided your employer offers such benefits. Not doing so leaves free money on the table, and nobody wants that to happen.
Depending on your employer, they may also match your Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) contributions. If they're available, contributing sufficient dollars to obtain the full match is just as important to amplify the overall benefits package.
2. Take A Look At The Wellness Perks
Employees are continuing to play a bigger importance on work-life balance, and companies are responding by going above and beyond with lifestyle benefits. These perks can include anything from sabbatical leave to finance courses to gym memberships.
Basically, wellness perks include anything that enhances your physical health, mental health, and how much you enjoy your daily life. Make sure you review the offerings regularly, as they can change from year to year. Using these lifestyle benefits to the full can improve your general quality of life and contribute to greater career satisfaction as time goes on.
3. Realize Which Benefits You Can Take With You
You'll probably change jobs at least once throughout your career. Therefore, you should familiarize yourself with all the portable benefits to avoid missing out on valuable perks if you move around.
For instance, you must understand your 401(k)-vesting schedule when thinking about a job change. Leaving before you've attained full vesting may mean losing your entire (or a portion of your) employer's contributions, setting you back considerably.
On top of that, HSAs are usually portable, allowing you to take the money with you. Although, you might not be able to keep contributing to it once you've moved. In contrast, FSAs don't tend to carry over. Therefore, you should use the funds before your employment is up. Otherwise, you will forfeit them.
4. Consider Group Legal Plans
Drafting your will, powers of attorney, and your advanced health care directive is essential. However, these documents all require a lawyer. Therefore, you should consider whether you can take advantage of a group legal plan via your employee benefits program. After all, funding legal processes is an expensive endeavor.
An increasing number of companies are offering this service, helping you and your colleagues save hundreds (if not thousands) on legal fees. Draft these documents as soon as possible to utilize this service whenever you can.
5. Don't Forget About Deadlines
Some benefits have certain enrollment periods/deadlines. If you miss them, you have no choice but to wait 12 months before you can enroll. So, keep an eye on your employee perks to ensure you don't miss deadlines for the benefits you're most excited about. It may be worth speaking to your HR department when the enrollment periods aren't clear.
6. Use Health Savings Accounts
Most employers are switching to health plans with a high deductible to save cash on their side. For you, that means paying more out of pocket when you visit the doctor. But that doesn't mean you should settle — take advantage of HSAs instead.
These accounts grow tax-free, but the funds must be used for medical expenses while inside the fund. If you don't utilize it for health reasons, you can withdraw the money later as tax-free earnings.
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The above-mentioned six steps will ensure you make the most of your salary and use all your employee perks to their full potential. But if that isn't enough to fund emergency costs, don't panic; just complete our online form for safe, convenient loan options.
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Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.