Best Ways to Get More from Your Workplace Benefits

Besides salary (received by an employee at its work’s place), there are other ways to earn more at your workplace itself. There are three ways to get more money discussed in detail below.

Save Smart in Your Retirement Plan

401(k) plan or a similar contribution retirement plan is saving option to an employee for the benefit at the time of retirement. Most of the employers do not offer traditional pensions.

People younger than age 50 may contribute up to $17,500 toward their retirement per annum and people who are 50 and above can contribute $23,000 per annum. The limit stays same in 2014 in compare to 2013. An employee also takes an advantage of any matching funds that an employer offers.

Don’t let Your Flexible Spending Account Go to Waste

Doctors’ visits, dentists’ bills, co- pays and other medical expenses are flexible spending account. A flexible spending account is a pre-tax basis toward medical expenses. This all expenses are provided from flexible spending account. If you find a balance in 2013 account, you can check it with employer and also see the validity up to where it can be used. Policies are different from employer to employer. Many employers give their workers until financial year ends or March to use money.

IRS has changed previous rules and an amendment is just come in this year 2014 that a choice will be given to their workers to carry forward up to $500 from their 2013 flex- plan money to 2014. This is not adopted by all employees so that confirm with your employer about this change.

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Make the Most of Your Insurance Coverage

Almost all working places are covered by insurance. Insurance such as health insurance, life insurance and many more are covered by employers for their workers. They also provide an option to choose other type of voluntary insurance policy. It is advisable to check the coverage of your insurance policy that provided by employer.

Check all requirements in health policy when handed over to you. You must receive all benefits for what you have paid. You need not to incur a voluntary medical expense that not being covered. One thing should kept in mind that people may make changes in policy even if their family situation changes, marital status changes or a born of child in year 2014. Open enrollment period do not matter here.

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