When deciding whether to take a specific job offer, there are a lot of considerations. You’ll want to think about salary, commute time, daily job duties, and so much more. But one thing that confuses a lot of people is the benefits package. Here are some things to look for.
What’s Important in a Benefits Package?
Health Benefits
Does the job provide health insurance? If so, is it adequate for your needs? What about dental and vision insurance? Are there other types of health benefits available, such as health savings accounts (HSAs) or an employee assistance program (EAP)? Details matter, so don’t hesitate to ask for additional information.
Life Insurance
It isn’t pleasant to think about, but life insurance is extremely important in protecting your family’s future. Group life insurance policies offered through employers tend to be much cheaper than individual private plans. You can also choose the coverage amount that’s right for your needs.
Disability Insurance
Disability insurance comes in both short-term and long-term versions. Short-term disability will provide a portion of your salary for a few months while you recover from an acute injury or illness. Long-term disability is part of future planning, because it will pay part of your salary if you are unable to work due to a serious, long-term or chronic illness or injury.
Retirement Options
Vey few companies today offer the pensions that our parents and grandparents typically received. Instead, many employers now offer 401ks and similar retirement accounts. You can have contributions automatically deducted from each paycheck on a pretax basis. In addition, a lot of employers offer some amount of contribution matching.
Paid Time Off (PTO)
Dig a little deeper into your potential employer’s PTO program, as there a lot of different variations. Do all hours (sick, vacation, etc.) go into a single pot to use at any time? Can you carry over a balance each year? How many hours will you earn your first year, and will the amount grow over time?
Extras
A lot of companies also offer a variety of add-on benefits. While they probably won’t influence your decision to take the job, they’re good to know about. Examples include, but are not limited to:
- Childcare stipends
- Student loan repayments
- Tuition reimbursement
- Corporate stock purchase programs
- Pet health insurance
There may also be some available perks, such as:
- Flexible scheduling
- Remote or hybrid work options
- Catered lunches
- Onsite wellness classes
Benefits are a complicated topic with a lot of nuances. Always reach out to the company’s benefits advisor with any questions or concerns you might have.
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