5 Things You Need to Know about Employee Benefits

Image of senior leader smiling at camera in working environmentIn many cases, your company is more than just the place you spend your days in exchange for a paycheck. Your employer might offer valuable benefits to employees, but these perks aren’t often well advertised in the workplace. The following five common benefits can save you money, if you utilize them correctly.

Compare rates between your health insurance plan and your spouse’s plan. If you’re married, you can choose between using your own employee health insurance plan or joining your spouse’s plan. If one employer offers a tiered plan, in which lower-paid employees pay lower premiums for their health insurance, it might make sense to cover the whole family on that plan. Or you might decide to go with the high-deductible plan offered by one spouse’s employer, so that you can take advantage of a tax-advantaged health savings plan. The point is that you have options, so investigate them!

Open a Flexible Spending Account (FSA). You can contribute pre-tax dollars to your FSA, and you can also open a separate FSA for child care expenses.

Take advantage of wellness incentives. You can cut your health insurance costs, or even earn valuable rewards, by taking advantage of incentives offered by your employee health plan. You might earn reduced premiums if you stop smoking, a free gym membership, or even cash for participating in various preventive programs.

Ask about disability and whether you can make salary deferrals to increase your level of coverage.

Check out your other insurance options. Many employers also offer discounts on other types of insurance, such as auto insurance or even pet insurance. But remember to comparison shop before you enroll in a plan. Just because the plan is offered at work, doesn’t mean it’s the best deal for you. Give us a call and we can offer you a rate quote, so that you can choose the right insurance at the best price.

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