If you’re like me, you have been hoping for that long overdue raise only to receive the sharp “you’re lucky to have a job don’t even think about it” look from your boss. Sigh. Instead of being depressed about the black hole that used to be your retirement fund, look to the one area you can control: your benefits.
It’s nearing the end of the year and soon you are going to have to make decisions about the company perks you receive in 2009. Now is the time to do your homework and weigh your options in order to make smart decisions about your benefits. Just how far can you stretch your benefit dollars? Here is how I would make the most out of my benefits package:
Don’t just assume that you are automatically re-enrolled for the same plan you currently have. With the current economic situation, your plan might have gotten worse! Take the time (even though this means reading the boring fine print) to go over your options and what best suits your needs. Find a plan that fits your family’s needs and the areas you need most (for instance- pediatricians, drug coverage or specialists). If you don’t choose a plan then in most cases your employer will sign you up for the generic low cost plan. You don’t want to be stuck with that! Understand that you have a choice and you can take the time to compare options.
Make sure you use the rest of the money left in your flexible spending account for 2008. You don’t want to lose this money! The typical deadline is December 31, so visit the dentist and order your new pair of glasses before the deadline is up.
Finally, use pretax money whenever possible. Find out your company’s terms about flexible spending healthcare plans and take advantage of these. This will come in handy if you have children and can pay in cash for daycare and other services.
Take the time to understand your benefits and how to stretch them. Most of the time employees sign up for the standard plan without reading the fine print. You can probably get more for your money if you take the time to do your homework. Don’t let the economy get you down! Make these proactive steps in securing more for you and your family.
