Many companies, especially the larger corporations, offer great work benefits to their employees. But most people don’t even know what all their company benefits are outside of health insurance and a retirement plan. This article will cover 10 work benefits that will help you save money and may even help you make money.
1. Health Insurance
If you work for a corporation your health plan should be pretty strong. They have the ability to spread risk across many numbers which cheapen employees' health insurance premiums. Health insurance is expensive outside of work plans, so take advantage of this to save money. (For more, see: 4 Unique Employee Benefits You've Never Heard Of.)
2. Retirement Plans
401(k) plans are pretty much available at any corporation, as well as a lot of small business either have this or a SEP IRA. If your employer has a contribution and/or matching program, try your best to max that out. It is actually money that the company is rewarding you with. It can drastically improve your retirement amount.
3. Vision and Dental Insurance
Vision and dental insurance can be hit and miss with small business but with corporations, you will usually find these programs are pretty well set up for employees.
4. Wellness Programs
There are many forms of wellness programs. Some may be a discounted or free gym membership. Some wellness programs are incentive programs that will lower your insurance premium if you stay healthy, don’t smoke, exercise or eat well.
5. Tuition Reimbursement
Corporations and small businesses invest in great employees. They want to keep you around. Many companies will reimburse your tuition costs and/or pay for certifications. (For more, see: Companies That Offer Unique Employee Discounts.)
6. Legal and Accounting Services
If you need simple tax prep or legal help some companies have partnerships to help employees. Some even offer in-house basic financial advice around your 401(k) and understanding your work benefits. But they will not be looking at your entire financial life most likely like a fiduciary advisor would.
7. Discounted Hotel and Rental Car Rates
Corporate travel discounts are excellent. Your company may have corporate rates at larger hotel chains like Hilton or Marriott. They also may have car rental partnerships with the rental car agencies. And when you get a new phone, check with your provider to see if they have discounts there as well.
8. Relocation Benefits
If your company asks you to relocate they should offer to pay for moving costs, including the moving truck and movers. It may even have partnerships with certain real estate companies and mortgage companies to help with rates.
9. Life and Disability Insurance
Larger companies will almost always have the option for life and disability insurance. Add these into the amount of insurance you need, but don’t forget that what your company offers is most likely not all that you need.
Many companies have a childcare option with discounted rates or may even be fully included. This can potentially save you hundreds of dollars, depending on the company rates and your location.
All of these are big ticket items. The more you know about your company’s benefits the better financially literate you will be and you will save money. Company handbooks can be big and bulky, so don’t be shy if you need help understanding it all. (For more from this author, see: 10 Common Habits That Can Increase Wealth.)