Open enrollment additional workplace benefits worth considering
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Open enrollment is around the corner. While much is written and presented concerning your health insurance and retirement plans, including us here at HSA Coach, it is also important to review the rest of your employers benefit package. Some of these programs may not be restricted to open enrollment periods either. Since all of these decisions ultimately tie to you or your family's budget, it is increasingly important to keep the big picture in mind. Happy benefit selections.
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Open enrollment additional workplace benefits worth considering
- 1. Open Enrollment – Additional Workplace Benefits Worth Considering
- 2. Open enrollment is almost here, and it is no longer just about choosing next year’s health insurance plan and retirement savings allocation.
- 3. While those things are important – and a sizable chunk of your total compensation – your employer likely offers other benefits worth considering
- 4. These benefits include Flexible Spending Accounts (FSAs), Dependent Care and Education benefits. With some planning you may be able to save hundreds of dollars a month in taxes
- 5. According to a 2015 Benefits Survey by the Society of Human Resource Management (SHRM), many workplace benefits are on the rise.
- 6. Common benefits to consider this open enrollment season: 1. FSAs for medical expenses 2. Limited Purpose FSAs 3. Transportation Benefits 4. Dependent Care Expenses 5. Education Assistance Programs
- 7. 1. Flexible Spending Accounts for Medical Expenses. You can save pre-tax dollars for your co- pays and deductibles. Now $500 can roll each year.
- 8. 2. Limited Purposes Flexible Spending Accounts. Some employers offer LPFSAs alongside High Deductible Health Plans, to save for dental and orthodontia care.
- 9. 3. Transportation Benefits. Save pre-tax for mass transit and parking expenses, up to $130 and $250 per month, just like your medical FSA.
- 10. 4. Dependent Care Expenses. You can save up to $5,000 per year pre-tax for dependent care expenses. This includes children, adult and elderly care expenses.
- 11. 5. Education Assistance. Employers can provide up to $5,250 per year pre-tax in tuition and education related expenses. Thinking about classes next year? Your employer may help.
- 12. These are just a few of the bigger programs that can provide additional relief to your budget. Some you may be able to elect outside of open enrollment.
- 13. Employers offer an increasing range of benefits. Do some research this open enrollment period. You may find even more ways to save, as well as a new education opportunity
- 14. Thank You!
Editor's Notes
- Hi. This is Aaron Benway from HSA Coach here to provide you with a few ideas on open enrollment. Today I’ll be talking about additional workplace benefits you should consider while making your pre-tax, payroll deductions.
- So as I write this, open enrollment is just around the corner. And as we’ve said elsewhere, open enrollment is not just about health insurance and 401(k) allocations. While those are very important, you shouldn’t stop reading your open enrollment package just because you’ve settled on those decisions.
- Instead, there are other programs your employer is likely presenting to you that we want you to consider before pressing “send” on your submission form.
- The benefits we’ll discuss here are Flexible Spending Accounts, or FSA, dependent care benefits and education benefits. With some planning you may be able to save hundreds of dollars a month in taxes.
- According to a 2015 benefits survey by the Society for Human Resource Management, or SHRM, many workplace benefits are on the rise. Companies are increasingly competing for talent by offering more and expanded benefits programs. Just because you think you remember what was offered when you joined the company, doesn’t mean you know what is on offer today.
- Here are a few of the more common employer benefit programs we will touch on.
- By now most of us are familiar with Flexible Spending Accounts for medical expenses. These popular accounts are increasingly user friendly with debit cards which withdraw funds directly from your account without filing for reimbursement, as well as $500 rollover amounts from year to year. The dreaded “use or lose” has been modified. While these have lower annual contribution limits than health savings accounts, they are still a good way to save for out of pocket medical expenses with traditional healthcare plans.
- In addition to traditional medical FSAs, there is a limited purpose FSA available to high deductible health plan participants that allow them to not only save in health savings accounts (or HSAs) , but also in flexible spending accounts for use in vision and oral care costs. Particularly for families, these LPFSAs can be a good way to preserve your HSA funds for other and longer term health expenses.
- Third on our list is transportation benefits. Many employees are unaware of transportation benefit programs. These programs work similarly to medical flexible spending accounts and enable you to save pre-tax dollars for your commuting expenses. You can contribute up to $130 and $250 per month into these accounts, depending on whether you are saving for mass transit, like subway passes, or parking garage fees.
- While many parents know they can save pre-tax dollars for daycare and after-school care expenses, a larger percentage may not be aware the same program provides pre-tax benefits for adult and elderly care expenses. There are a few rules governing these programs, but if you have additional adult dependents on your tax return you likely can save pre-tax dollars to save for these costs.
- The last benefit we’ll present here is education assistance. Employers can provide up to $5,250 of tuition and education related expenses reimbursement to you tax free. This is particularly convenient as the workforce becomes increasingly aware of the need to retrain and re-educate over their working career. If you haven’t considered taking a class or two next year, take a moment during open enrollment to consider whether you could fit in some education. There are many reasons to do this of course, it just so happens your employer may also reimburse you while you are learning something new.
- This isn’t meant to be an exhaustive list, just a review of some of the more common benefit programs employers offer. Further, some of them may be accessible outside of open enrollment windows, so it is always a good practice to check in with HR periodically to see what is new.
- So in summary, know that employers offer an increasing range of benefits. Take time this open enrollment season to learn what your employer has to offer. Not only might it save you money, you may also find the motivation to take a class or two next year. And as we’ve said elsewhere, these programs ultimately tie to your budget. If you need help, look to web for literature and research, or talk to a financial advisor should you want additional or personalized assistance.
- Hang tight. We’ll publish more.