Making the System Work for You: Unlocking Hidden Benefits at Your Company
It’s that time of the year…. benefits selection! In the hustle and bustle of daily work life, it’s easy to overlook the full range of benefits offered by your company. Many employees don’t realize that they may be missing out on valuable perks that can enhance their well-being, save money, and even contribute to their professional development. Let’s explore some of these often-overlooked benefits and how you can leverage them to make the most of your employment package.
1. Health Savings Accounts (HSAs): Beyond the Basics
What It Is: Health Savings Accounts are tax-advantaged savings accounts designed to help you pay for qualified medical expenses.
Hidden Benefits: While HSAs are typically used for medical bills, many people don’t realize that they can also be used for a range of other health-related expenses. This includes certain over-the-counter medications, prescription drugs, and even some anti-aging and beauty products that are considered eligible under IRS guidelines!
How to Maximize It: Check with your HSA provider to understand which products qualify. Look for skincare products and treatments that meet the IRS criteria. This can be a great way to invest in your personal care while saving on taxes. You can also look into rolling unused dollars into an account to earn interest the following year!
2. Fertility Coverage: Support for Family Planning
What It Is: Many companies offer fertility benefits as part of their health insurance plans, which can cover treatments and services related to family planning and reproductive health.
Hidden Benefits: Fertility coverage can help with the costs of treatments like IVF, egg freezing, and consultations with fertility specialists. This is a major savings- egg freezing alone can cost as much as $15,000 per cycle!
How to Maximize It: Review your company’s fertility benefits and understand what’s covered under your plan. If you’re considering family planning options, speak with your HR department or benefits coordinator to learn how to access these services and utilize your coverage effectively.
3. Cell Phone and Internet Reimbursements: Stay Connected Without the Extra Cost
What It Is: Some companies offer reimbursement for cell phone and internet expenses, particularly if you use these services for work purposes.
Hidden Benefits: This can significantly reduce your out-of-pocket costs, especially if you’re using your phone and internet for business-related tasks.
How to Maximize It: Keep detailed records of your usage and expenses related to your work. Submit these records to your HR department to ensure you receive your entitled reimbursements.
4. Employee Discounts: Shop Smart
What It Is: Many larger companies offer discounts on products and services through partnerships or their own employee programs.
Hidden Benefits: These discounts can range from retail products to travel and dining options. They often extend to a broad array of categories, which means you could save significantly on everyday expenses.
How to Maximize It: Familiarize yourself with the discount programs available to you. Explore the company’s intranet or HR portal to find discount offers and use them whenever applicable.
5. 401(k) Matching: Boost Your Retirement Savings
What It Is: A 401(k) match is an employer benefit where the company contributes to your retirement savings plan based on the amount you contribute.
Hidden Benefits: Not only does this increase your retirement savings, but it’s also essentially free money that can significantly boost your long-term financial security.
How to Maximize It: Ensure you’re contributing enough to take full advantage of the match. If your company matches up to a certain percentage, aim to contribute at least that amount to maximize your benefits. Review your 401(k) plan and adjust contributions as needed.
6. Vacation Day Policy: Balance Work and Life
What It Is: Companies often provide a certain number of paid vacation days, which can be used for rest, relaxation, or personal travel.
Hidden Benefits: Many employees don’t fully utilize their vacation days, which can lead to burnout and reduced productivity. Proper use of vacation days helps maintain work-life balance and overall well-being.
How to Maximize It: Plan your vacation days in advance and use them to recharge. Be proactive about scheduling time off, and don’t let unused days pile up. Utilize your company’s policy to take regular breaks and return to work refreshed.
Understanding and making the most of the benefits offered by your company can lead to significant personal and financial gains. From leveraging HSAs for beauty products to maximizing fertility coverage, 401(k) matching, and employee discounts, there are numerous ways to enhance your work experience and overall quality of life.
Don’t let these opportunities pass you by. Review your company’s benefits package, consult with HR, and ensure you’re making the most of what’s available to you. If you have questions or need more information on how to optimize these benefits, reach out to your HR department or benefits coordinator for guidance.
Unlock the full potential of your employment benefits and make the system work for you!
