2/27/13, By E.W.
When finding a job is a challenge in and of itself, finding one with good benefits is not always a high priority. However, keeping in mind some information about benefits can make your overall work-life quality a lot better. The National Association of Colleges and Employers (NACE) took a look at some of the most important benefits employers offer to their workers.
Health Insurance-There are three reasons why getting health insurance through your employer is important. First, it is cheaper getting a group rate through your employer than purchasing it on your own. Second, health insurance is like nontaxable income; your employer might pay $4,000 per employee per year, and you never have to pay taxes on your share. If you were to buy your own health insurance, it might cost more than $5,000, and that is after income taxes. Third, if you do get sick or injured, you have health insurance that covers at least some of the medical bills.
Annual Salary Increases-As you look for a job, you are no doubt looking for one with a decent starting salary. While you are looking at that number, though, try looking for the one that will tell you how much more you can expect each year you work with the company.
Tuition Reimbursement-If you wish to continue your education for the better of your career, it doesn’t hurt to see if an employer will cover some (or even all) of the costs. Talk to employers and see if any are willing to reimburse for tuition costs or class supplies such as textbooks.
401(k) Plan-For someone who is just trying to make it to graduation and land their first post-college job, retirement seems a long way off in the future. Nevertheless, beginning a 401(k) now through your employer will allow you to save thousands, if not hundreds of thousands, more than you might otherwise.
Flex Spending Account-These accounts are made up of money deducted from each paycheck (before taxes) that is set aside to cover things such as health or life insurance premiums, vision and dental care, or day-care costs. Because the money is taken out before taxes, your overall income is lower, which means the percent you pay on your taxes is also lower.