As an employee, there are several different benefits that you might receive at work. Whether you’re looking for more stability or need to enjoy some paid vacation time, each employer may offer a variety of benefits depending on what they have available.

So, what are the most common benefits that employees receive and what can they do for you?

Read on for a list of eight benefits that most employees get when they enter into the workforce.

1. Health Insurance

Health insurance is certainly one of the most common benefits that employers offer, but your premiums and deductibles can vary greatly. The amount of money you pay each month often depends on the size of the company since larger companies can provide employees with lower costs.

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Talk to your employer and ask them what type of health insurance plans they offer. In most cases, you’ll get a much better price on your premiums, prescription medication costs, and deductible when you go through your employer. If you’re not sure whether or not you’re getting a good offer, talk to an insurance broker.

2. Dental Insurance

While not all employees receive dental insurance benefits, many companies provide this option. In most cases, the cost of dental care is split approximately 80/20 between the employer and the employee.

If you have children or you have a history of problems with your teeth, signing up for dental insurance is highly recommended. With this form of insurance, things like annual cleanings and x-rays as well as various dental procedures should be at least partially covered. It may also cover orthodontist costs in some cases, too.

3. Common Benefits for Retirement

When you work for a company, they may offer you some kind of retirement plan, usually in the form of a 401(k). Some companies will also match whatever amount you contribute to the plan up to a certain percentage.

If you choose to participate in your company’s retirement plan, find out if the funds can be rolled over without any penalties. This will ensure that you have the freedom to change jobs without losing the money you’ve already saved. Some companies offer retirement in the form of profit-sharing rather than 401(k) accounts, so talk to your human resources department to find out more.

4. FSAs or HSAs

Aside from your health insurance, you may be offered a Flexible Spending Account or FSA. This account usually works with your insurance plan and gives you a set amount you can draw from for any health-related expenses you may incur throughout the year.

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It’s important to note that these types of accounts require you to use it or lose it, which means if you don’t spend it within the year, you can lose the funds. Talk to your employer about Health Savings Accounts (HSAs) and FSAs to learn more about the rules and how you can use your account if it’s available.

5. Paid Time Off

If you’re sick or want to take a vacation, many employers offer their workers a set amount of paid time off. Each company has different policies, but they may pay you if you need to miss work due to illness or if you’d like to take a few days off for a vacation.

Some businesses offer accumulated time off which means the longer you work there, the more days you will accumulate. Others may give you a set amount of paid time off each year, such as five days of sick time and five days for vacation time. Your company may allow you to carry the time over to the next year, while others could have a “use it or lose it” policy in place.

6. Paid Holidays

Aside from sick leave and vacation days, many companies offer their employees select paid holidays. Most employers will at least give their employees paid time off on major holidays like Christmas, Thanksgiving, and New Years’ day.

Larger companies may give you other holidays paid like Veterans Day, Memorial Day, and Columbus Day. It really depends on your specific company and what they consider a holiday. If their doors are open, you likely won’t be paid for that specific holiday unless you request it and use your paid time off.

7. Life Insurance

Not every company offers life insurance, but it is considered a common benefit. The amount of life insurance you receive depends on the company your workplace uses.

You may not have to pay for life insurance separately, as it could be part of another plan you already have in place. Find out what your limits are and if you can pay more to increase the total payout if you desire.

8. Educational Assistance

This benefit is a wonderful perk that is often offered by larger corporations. With an educational or tuition assistance benefit, your employer may pay for some or all of your college, technical training, or other hands-on education costs.

When you elect to use this benefit, you can further your education while enjoying gainful employment and do it all at a fraction of the cost. It’s a great way to expand your horizons and may even help you become eligible for a promotion. Your company may require you to stay with them for a set amount of time after you get your degree.

Make Your Workplace Work for You

Now that you know more about these common benefits, it’s much easier to decide which place you want to work. Look for companies that offer their employees important perks like health and dental insurance along with the possibility of tuition assistance.

Plan for your retirement by choosing an employer with a solid investment plan. All of these benefits can help you map out a secure future for yourself and your family.

If you need help with your personal finances or would like to apply for a loan, be sure to visit our website and contact us today!