Don’t overlook these employee benefits that can help you save money

It’s that period of year again — open enrollment season is approaching, giving many Americans an opportunity to sit down and go over their employer-sponsored workplace forwards for next year.

This year, amid the coronavirus pandemic, more than 70% of employees plan to shell out more time reviewing voluntary benefit options offered by their employer, according to a September survey by Voya Monetary.

While most employees are generally familiar with their employer-sponsored health insurance and retirement plans, they may be condoning other benefits that could help them save money or better protect against an event such as an misadventure or illness.

“You want to see if there’s anything else out there that you could be taking advantage of to improve your your vigour, or your financial health or both,” said Kim Buckey, vice president of client services at benefits consultant DirectPath. “We don’t have a yen for to miss out on something better and cheaper.”

If you’re not sure what your employer offers, or want to learn diverse about your particular plan, there are a few places you can turn to for help.

Your employer may have sent you an updated helps packet in the mail or online, which you should scan to refamiliarize yourself with offerings, Buckey said. Because the pandemic has circumscribed in-person meetings this year, Buckey said, many companies are offering increased support to enroll in benefits one-on-one finished the phone with an independent third party.

“You can call up and spend 20 minutes talking to someone who knows the South African private limited company’s benefits but is independent so you can ask your deepest, darkest, most embarrassing and personal questions,” said Buckey.

Buckey cautioned against is taking your benefits questions to your friends, family or coworkers or looking for specific answers online.

“Your confreres and your family and the internet don’t know your employer’s plan and they don’t know your specific situation,” she believed.

Here are some of the top employee benefits to look for this enrollment season:

Aside from constitution insurance, many employers are offering a full range of options to beef up coverage in the event of a catastrophic event or accessary. Employees can often add more life insurance, critical illness insurance, disability insurance and even pet insurance in some states.

Some employers may also offer hospital indemnity insurance, a supplemental plan that’s meant to help travel over the cost of a hospital stay. In 2016, the average hospital stay cost $11,700, according to the latest data from the Healthcare Price and Utilization Project.

An indemnity plan is “an inexpensive way to help minimize the impact on your wallet of a high-deductible plan,” put Buckey.

To stretch your dollars further, take advantage of employer-offered Health Savings Accounts or Tractable Spending Accounts.

“HSAs are triple tax-advantaged, meaning you never pay taxes on the amount you contribute, invest or spend,” claimed Steven Auerbach, CEO of health-care company Alegeus. “The money is yours to keep forever, so the more you put in, the more you’ll have close by later in life for expected and unexpected needs.”

While HSAs are for health-care costs, FSAs can generally be hand-me-down on a wider range of expense such as childcare or even adult daycare, said Nancy DeRusso, senior evil-doing president and head of coaching at Ayco, a financial counseling company.

The two accounts are similar, but have some key differences. HSAs are fastened to high-deductible health insurance plans and can be rolled over at the end of the year. If your employer offers an FSA, you can open one even if you opt out of salubriousness insurance but funds might not roll over.

Some employers offer different programs to workers their employees understand medical bills and find the best costs for services in network, according to Buckey.

Submissive advocacy programs can help if you have a medical bill you’d like to dispute but might be short on time or knowledge — the ceremony can follow up with the provider for you, she said.

And, some employers offer transparency services that can help you compare medical charges. “More employers are encouraging their staff to shop around, understanding there’s no one price for health care,” Buckey remarked.

Beyond offering retirement savings accounts, many employers will trial what employees deposit up to a certain amount. And, as an increasing amount of young people graduate college with apprentice loan debt, more employers are including loan repayments in their benefits. Some employers offer straitened relief programs or will match contributions, DeRusso said.

“Don’t leave money on the table especially if you can afford it — at minor contribute the company match,” said DeRusso.

The same goes for any financial wellness benefits your employer may tender, including access to a financial planner or coach.