6 Employee Benefits to Take Advantage of
There’s a lot to employee benefits that the average employee doesn’t understand. Here’s how you should be using your employee benefits:
Health Insurance
You probably already know how expensive medical is in our country. As per the Affordable Care Act, if you work in a company with over 50 employees, your employer is required to offer everyone health coverage.
Enroll yourself in that health coverage. Even if you rarely fall ill, having health insurance is always advisable. You might get into an accident or might require expensive medication. Your insurance will cover full or even part of that. More savings for you and less stress in case of emergency.
Along with health insurance, many employers also offer dental and vision insurance. Find out if your employer is offering one. Regular visits to your dentist will help you keep your teeth in perfect condition. Many people only realize their poor dental health when they visit their dentist after 5 or even 10 years later. Plus, with good dental care, you can avoid many other diseases like diabetes, kidney diseases, heart disease, etc. Vision coverage comes in very handy if you need contact lenses or specs.
Retirement Plan
Your retirement plan might not seem quite important right now, but believe me, it is one of the best ways to build your savings for later. You aren’t going to continue working after 50 years. So, what’s your plan for those after-work years. Where do you think you will get the money from? Work on your retirement plan from the very beginning.
Many employers have now shifted the burden of the retirement plan on their employees. But many employers are still willing to match the retirement accounts with matching contributions. Check your company’s retirement plan.
If your company isn’t offering you a good retirement plan, that doesn’t mean you don’t plan for it. Look at these best IRA accounts to start working on creating your wealth.
Employee Stock Purchase Plans
Another very smart move to build your wealth is to invest in stocks. And what better place than to start with your own company? You’d have more information on what’s happening inside the company and the right time to buy or sell shares.
If you work for a publicly-traded company, find out their employee stock purchase plans. Most companies offer discounts on shares to their employees. You mostly get a 10-15 discount on stock purchases.
While it’s a good idea to invest in your company’s stock, remember that it’s an even better move to diversify your stock portfolio. Don’t invest it all in your company. Look at other options too.
Education and Training
Many companies offer education assistance and tuition allowances to their employees, if they wish to pursue a degree program. Many companies even encourage their employees to enroll in a program. Some also offer you extend you a loan to cover your entire education. Find out if your company has a program.
This will be useful later in your career. As you step up the corporate ladder, you will need more training and degrees to keep up with the growth. Refresh your education. Enroll in multiple training programs.
Also, find out if your company offers a mentorship program. Mentors help you make the right career choices and shape your professional path.
Discount on Products and Services
Almost every company offers its employees a discount on their products and services. For example, Target employees get a 10% discount on both online and in-store products. Along with this, some companies also offer discounts with sister companies or companies they collaborate with.
You might get a gym membership discount or for an amusement park. Inquire about these discounts. Use them. You could actually save a lot from these discounts.
Along with this, some companies also give their employees free stuff. When they launch a new product, they offer them as trials to their employees. Or you could be getting free lunch from the office cafeteria. More savings for you.
Paid Vacations
Who doesn’t need a break from work? We all do. That’s when you use your paid vacations. Statistics reveal that the average American is stressing out. We are not using these paid vacations. But remember, taking days off from work will help you relax, and it prevents burnout.
Plan your vacations at the beginning of each year. Also, find out if you can get any discounts on airline tickets or hotel bookings.
We promise you that once you start taking advantage of all these employee benefits, you will not only save money but you will be in a better off position mentally.