When the time comes to look for a new opportunity, pay attention to more than just salary. Take a look at the benefits as well.
Salary is only one part of your total compensation package. Receiving top benefits can save you money, help you reach your goals, and improve your quality of life.
When looking for a new opportunity, look for these top benefits as part of your total compensation package.
A company-sponsored health insurance plan can help cover medical services and prescription costs. Although some employers subsidize the entire cost of the premiums, other employers offer a partial subsidy.
If there are different health insurance plans to choose from, ensure the one you select fits your needs. This may include covering your preferred healthcare provider and any prescriptions you use.
Check whether you would be eligible to enroll in the health insurance plan upon getting hired. If not, you may want to make other arrangements to get coverage until you can join the company’s plan.
Health Savings Account
If the company’s health insurance plan has a high enough deductible, you may be eligible for a health savings account (HSA). This account lets you save money for healthcare in a tax-advantaged manner.
Contributions to an HSA are made with tax-free dollars. For instance, if you put $2,000 into an HSA, you will not be taxed on $2,000 of your earnings.
You can keep your HSA funds invested for as long as you want. Since there is no date to use your funds, they can continue to grow.
Flexible Spending Account
Although your health insurance plan might not allow for an HSA, you should be able to contribute to a flexible spending account (FSA) to offset healthcare costs. An FSA lets you set aside pre-tax dollars for medical costs. However, if the funds are not used by the plan year’s end, you might lose them.
A dependent care FSA may be beneficial if you pay for childcare. You can set aside pre-tax funds to cover your childcare costs while you work.
Most organizations offer a 401(k) with a company match or another retirement plan. The match might be dollar for dollar or fifty cents per dollar up to a certain amount.
Ensure you save as much as you can in the retirement plan. A company match provides you with additional funds to live on when you decide to stop working.
Paid Time Off
Paid time off (PTO) is essential for your physical and mental health. You can use PTO when you are ill, want to go on vacation with family or friends, or simply need a day for yourself.
Look for a company that offers paid leave for certain circumstances. Examples include adding a child to the family, caring for an elderly parent, or dealing with grief from a family member’s death.
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