If you are fortunate enough to work at a company that offers a variety of different employee benefits, you may find yourself a bit overwhelmed each year when open enrollment time is upon you. While it is a wonderful opportunity to have these amazing benefits offered to you, when it is time to evaluate which workplace rewards you should choose, it can sometimes be a challenge. From health insurance and identity theft protection to vision benefits and even pet insurance; it is a good idea to evaluate each employee benefit to see which ones will work best for you.
About Employee Benefits and Open Enrollment Periods
The Bureau of Labor Statistics indicates that employer offered benefits make up almost a third of the total compensation package for many workers in the U.S. Due to this, it is important for employees spend some time contemplating their benefit decisions. Not only could you be declining valuable benefits and resources, but when you do make your benefit selections, these choices are typically good for the year, with no changes being made until next year’s benefit enrollment timeframe.
Here are some of the most popular benefits given by employers which you may have to choose from during your company’s open enrollment period.
Popular Employee Benefits
- Health, Dental and Vision Insurance: Probably the most valuable employee benefit, health insurance is typically selected by anyone who is not covered by another plan. Explore the plans offered, including vision and dental, to choose the best for your needs.
- Retirement Savings Accounts: Company matched retirement savings accounts are an excellent choice for all employees. Save tax deferred money and earn free money with this option.
- Life Insurance:Purchasing life insurance through work can be convenient and affordable and should be considered during open enrollment.
- Disability Insurance: An important benefit to consider, short- and long-term disability is a wonderful way to protect your family and assets and is always a wise choice.
- Flexible Spending Account/HSA: FSA’s and HSAs are two great ways to pay for medical care using tax-free dollars. Calculate your expected medical costs to choose the best option for you.
In addition to these typical company offered benefits, there are a few new additions that employers are now providing including the option for pet Insurance, pre-paid legal, gym memberships, identity theft programs, and more. These should be chosen on a personal level depending on your needs.
Make the Most Out of Your Company’s Benefit Open Enrollment Period This Year
Offering a substantial benefits package is an excellent reward of employment with a company. Be sure to take advantage of these opportunities and don’t forget that the open enrollment period is typically only once a year. Reach out to your Human Resource Department if you have questions about your benefit options, the costs, and if you qualify.
