How to Find Hidden Money in Your Job's Benefit Package

When you refuse to take advantage of our employer's benefit plan, you are turning away extra money. These benefits count for around 30 percents of the average employee's total compensation. For example, a 50,000 a year salary may yield a 15, 000 benefit plan from your employer. This includes 401k, dental plan, life insurance, and family healthcare plan.

At most companies, right now is the season for enrollment. If you haven't already, take a good look at your benefit plan. Go on to your company's human resource website or open your handbook and review. Here are ways to take advantage of what's available to you:

Take a good look at your healthcare plan. You may need to upgrade. You might be planning to have more children. You'll need to make sure that medical expenses will be covered. Determine how long you'll need to be out of work. There will be a need for future childcare expenses. Your company may be able to help you with that. Consider if your doctor is on the plans network. Examine your co-payment and deductibles.

You'll need to know if your current child is covered for childhood diseases like diabetes and allergies. Always examine the fine print to make sure you don't get caught in situations of payment because you rushed into your decisions with out reading your plan first. People tend to pass up dental coverage because it is too expensive. Consider your children and look closely at your options. Some policies pay a lot for regular checkups and cleanings. That way you won't have those expensive treatments later on down the road.

401(k) plans are a benefit that should not be dismissed. You don't want to put off saving for retirement. Sometimes we think we have plenty of time, but some businesses are thinking of dumping their 401(k) due to this poor economic recession. Don't forget about the little perks which add up to a lot if you use them of ten. Employee discounts are usually offered at big companies like movie tickets, cell phone service and car insurance. A lot of these companies don't advertise these perks so check their website or human resource handbook.

Some workplaces pay for gym memberships, flu shots, stop smoking and diet programs. This helps control insurance costs and keeps employees healthy and happy. There are employee assistance programs paid for by companies to help their employees with legal, mental health, and financial advice. Some companies even have charitable matches. For every dollar you commit to, they will match it.

Source: Taylor, Chris. A hidden Paycheck. Nov 2009

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