If you are in the market for a new job or are interested in extracting more value from your current one, consider some of the newer trends in company benefits. The following is a primer on what might be available to help supplement your income with your current employer or benefits to look for when considering a position with a new company.
The standard employee benefit package usually includes insurance (healthcare, dental, disability, life), retirement plans, and paid time off. In addition, federally mandated employee benefits include unemployment insurance, workers’ compensation, and family and medical leave, plus employers are required to deduct and submit Federal Insurance Contributions Act (FICA) taxes to fund the Social Security and Medicare programs.
However, some companies also offer an array of free and/or voluntary benefits (which you can purchase via payroll deductions). Many employers offer discounted “group rates” on items people normally buy anyway, or perhaps wouldn’t otherwise consider due to the extra expense. It’s smart to review the full breadth of benefit options during open enrollment to see what types of benefits you could use and how they can save you money.
Employee Assistance Program (EAP)
Most EAPs offer a plethora of benefits you can and should use right now, and the plan is generally paid for by the employer. These programs connect employees to specialists who offer free or discounted services. For example:
- Legal advice and services (making it a good time to get your will and estate plan in order, or seek consultation if you’re considering a divorce or suing your neighbor)
- Financial advisors who specialize in areas such as investment management, taxes, budget and debt management, bankruptcy, and other financial concerns
- Identity theft insurance coverage and services
- Mental health counselors and therapists
- Dependent caregiving resources (for children, disabled, or elderly family members)
- Employee discounts on common household goods and services, such as electronics, cell phone/internet services, office supplies, restaurants, gyms, yoga studios, salons, entertainment venues, access to exclusive deals and discounts on products, service,s and experiences like theme parks, hotel,s and entertainment
Voluntary Benefits
Even if your company does not offer an EAP, it may offer the opportunity to buy some of those benefits at lower group-rated prices. For example:
- Vision plans
- Dental plans
- Supplementary life insurance
- Supplementary disability insurance
- Pet insurance or a discount plan
- Travel insurance
- Auto insurance
- Homeowner’s insurance
- Identity Theft insurance
- Critical Illness insurance
- Hospital Indemnity Insurance
- Long Term Care insurance
Financial Wellness
Given recent high inflation and market volatility, many workers are understandably worried about making ends meet and saving for the future. That is why many employers have introduced multifaceted financial wellness programs. Unfortunately, some employees are reluctant to use these benefits because they don’t want their employer to know anything about their financial situation. However, these benefits are outsourced to third-party professionals who are emboldened by confidentiality laws that do not allow them to release personal information to your employer.
Some common financial wellness benefits include free access to counselors on topics like creating and following a budget, paying down and avoiding debt, saving for short and long-term goals, and making investment decisions. Some programs offer educational opportunities, such as college and retirement planning seminars. There are also some newer, non-traditional benefits designed to help cash-strapped workers make ends meet, like diverting (and sometimes matching) paycheck income to an emergency fund, and enabling faster access to pay through an on-demand system in which employees can request pay for hours worked in lieu of waiting until the end of the pay period.
Housing Assistance
Considering the huge jump in home prices over the last few years, some employers have implemented benefits to help fund a down payment, facilitate access to low-interest rate mortgage loans, and offer group rates for home warranty and homeowner insurance policies.
Family Planning Benefits
If you’re considering using fertility programs to help you have children, be aware that this can be very expensive. That’s why many larger employers offer monetary assistance to help offset some of the expense of intrauterine insemination (IUI), in vitro fertilization (IVF), gestational surrogacy, and egg freezing.
Portability
While company benefits can be valuable while you work for that employer, be wary of paying into policies that end when you leave your job. Some volunteer benefits are portable, meaning you can keep them when you leave. However, you may lose your employer discount rate and wind up paying a higher premium for the same policy.
Bear in mind that one of the key questions to ask before enrolling in new benefits is whether the policy is transferable should you leave the company. Be sure to read the policy information and talk to HR or the policy’s insurance broker to understand the portability and group rate conditions. If it’s a benefit you can use right away (e.g., gym membership, even pet insurance), it might be worth buying. But if it’s a benefit you may not use for years down the road, AND you lose the benefit (or group premium) when you leave, you may be better off buying a similar plan on the individual market.
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