Companies offer a wide range of benefits to attract and retain qualified employees, but American workers often don’t take advantage of all the perks that are available to them. Some don’t even realize all the benefits that their employer offers. If you’re not taking advantage of your benefits, you might be leaving thousands of dollars per year on the table.
Insurance
Health insurance is expensive, and costs keep going up. If your employer offers medical insurance, it’s probably a lot cheaper than a policy that you could buy on your own since large companies can negotiate lower rates than those available to individuals.
In addition to medical insurance, your company might offer vision and dental coverage. Those types of insurance are typically inexpensive, and they can come in handy if you need routine care or if you break a tooth or experience some other type of dental emergency.
It’s important to have life insurance, especially if you have a family relying on your income to cover a mortgage and other living expenses. Many companies offer life insurance to their employees at little or no cost.
Health Savings Account or Flexible Spending Account
Even if you have health insurance, it won’t cover everything. An HSA or FSA can allow you to set aside pre-tax funds to use for out-of-pocket medical costs that your insurance policy doesn’t cover. Putting money into an HSA or FSA can also reduce the amount you’ll have to pay in income taxes.
Retirement Account and Match
If your employer offers a 401(k) or another type of retirement account, take advantage of it. Many businesses offer to match an employee’s contributions, up to a specified percentage of the worker’s annual income.
If you contribute that percentage and your company matches it, you can get thousands of dollars per year in extra money to fund your retirement. That can make your retirement account balance grow faster and help you reach your savings goal sooner.
Vacation Time
Even when employees have vacation time available, many don’t use it because they think they can’t afford to be away from work for too long or they feel pressure to keep grinding week after week without taking a break. That can lead to burnout, low morale, and reduced productivity.
If you have vacation time, use it. You don’t necessarily have to take two weeks off all at once. A long weekend here and there can be enough for you to recharge.
Education Benefits
Many companies will pay for their workers to pursue a degree or certification. If you’re interested in furthering your education, find out if your employer will cover some or all of the cost. That can dramatically reduce the financial burden on you and help you move forward in your career.
Use Your Employee Benefits
You work hard, and you’ve earned your benefits. Take advantage of the perks that your company offers. If you need information about your benefits package, consult your human resources department or employee handbook.
