Make the Most of Your Employee Benefits

In the past, you were probably only concerned about getting the largest paycheck possible and netting the most take-home pay. Today, thanks to a variety of different employee benefit packages, you can actually increase the amount of money in the bank by taking advantage of employer-sponsored incentives.

In less time than you think, you can be spending less out-of-pocket for everyday needs like healthcare, your gym membership, and even over the counter medications. Finding out about employer-sponsored benefits isn’t difficult, and a few minutes of your time can put significant amounts of money back into your pocket.

First, head to your human resources department and ask them what employee benefits are available to you. You may be surprised to hear that there’s more than just health care. In the unlikely event that your company only offers healthcare packages to their employees, take a look at the different options available and the added perks in each one.

Some healthcare plans reimburse members for gym fees, prescription eyewear and even car seats for their children. Just because your employer doesn’t offer any perks doesn’t mean your health plan doesn’t. To find out what’s available to you, call the 1-800 number on the back of your card and speak with someone in the membership department.

While you’re thinking about health care, ask if your company offers a flexible spending account. This allows you to designate pre-tax dollars towards your healthcare needs, like copays, prescriptions and over the counter medications. Be careful to only designate what you need, as many times unused money disappears at the end of the calendar year.

Another place to find free money is in your employers retirement program. Often, companies will match a certain portion of your contributions. If you don’t participate, you can’t take advantage of the free money. Saving for retirement is always a good idea, and with the addition of free money it becomes even more attractive.

Money put into your retirement account can also lead to savings on your yearly taxes. Talk to your tax professional to determine which amount is right for you. They can help you maximize the benefits between the employer contributions and tax incentives.

Most companies offer a variety of programs to their employees in an attempt to make their organization more attractive to the best and brightest talents. Talking with your HR department about what resources are available to you should only take a few minutes, but will yield significant savings.

Something else that will yield significant savings (for the business you work for) is a switch to a different ecommerce software solutions provider. Think of it this way, the more money they save the more employee benefits they can offer.

About The Author

Edwin is a marketer, social media influencer and head writer here at Daily Finance Options. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

 

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