How to Tell If Your Work Is Offering the Best Benefits
Whether you’re looking for a new job, or trying to compare the benefits of your current employer, benefits are one of the most important things to take into consideration. Most people opt into insurance through their job when offered, as it often covers both them and their spouse—while others might opt into a 401k. What might be confusing for some people, however, is determining if their employer offers the best benefits for their need. I’ve compiled a few tips below that will hopefully help you come to a conclusion.
For starters, what might be the most important to many people is health insurance. Most businesses have open enrollment open for insurance for a few weeks in early November—for benefits starting in January of the following year. As this is generally the only time you’ll be able to compare rates, it is a good idea to start looking into other insurance options around late October/early November. Compare the deductible and premium of alternative insurance options and your employer’s insurance to get the best rates.
Moving on, another thing you might want to consider is the time off options your employer gives. It’s best to consider this when looking for a new employer, as most employers tend to start off with 5 – 10 days for your first year with the company, and may gradually increase it. If you’re looking for a new employer, most are transparent about their paid time off/vacation policies—as well as whether or not you accrue more days as you stay with the company.
Another important aspect to consider is both retirement options and 401k options. Most employers offer a retirement fund plan, as well as an option to immediately put a set amount from each paycheck towards a 401k. Generally speaking, most employers will only allow current employees to enroll in a 401k during open enrollment—the same time you can enroll in health insurance.
Generally, most employers enroll a 401k advisor to assist with the back-end work of managing their 401k plan. If you’ve never had a 401k independent of your employer, it might be a good idea to look into a 401k advisor—they can assist you with setting up your 401k properly, and reaching any goals you may have in mind.
In all, there are a lot of different aspects to consider regarding employer benefits. Hopefully everything we have covered in this article will help you to make your decision regarding your employers’ benefits. Generally speaking, everything will come down to the cost-effectiveness, and what you need from your employer’s benefits.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan