Whether you are entering the workforce for the first time or returning after a break, your first assignment is likely to be choosing benefits. New hires are often given a login to an HR portal and are told to choose their benefits, without always knowing what benefits are available.
But what to choose? Don’t stress on your first day! Here are six common benefit options you might want to consider to help stretch your money. Your employer may subsidize some of these. Others, you may have to contribute out of your own pocket, but with pre-tax dollars. This means that you receive a discount of as much as 37%, depending on your income tax bracket.
1. Health insurance is a must
The premium may be expensive, but healthcare coverage is critical for almost everyone. Look for a plan that includes your doctor, as not all providers are in all plans. If you don’t have a doctor, consider a plan affiliated with a large hospital as a start. If you’re generally healthy, you may consider opting for a cheaper plan, but know that that will likely have lots of copayments. If you are covered by a spouse or parent, you can opt out of health insurance, but verify your coverage before you make that choice. Health insurance can help you get the care you need to keep a small health issue from turning into a large one, saving money in …….