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July 20, 2022

What to Know About Job Benefits

Learn how to make the most of your employer’s benefits.

Exploring benefit options and offerings is an important factor to consider before accepting potential job offers. Before accepting a job offer, consider the following advice on benefits.

Why are benefits important?

Benefits vary from job to job, but are typically distributed through health insurance plans, IRA matched contributions, paid time off, or other incentives such as meals and gym access. Healthcare insurance benefits not only apply to you but can extend to cover your immediate family. Using benefits can provide a discount on services you may need to purchase anyway.

Finding the best coverage plan

Employees have the liberty to decide if they want to utilize employer-offered benefits. Consider all your health insurance options before deciding if your employer’s plan is best for you, keeping in mind the premium and deductible of each plan. If you decide to use the offered plan, make sure you understand the conditions and coverage it provides. The best strategy for choosing the right coverage is to take your time as you thoroughly research the right plan for you.

Taking a job without benefits

If you are accepting your first job or looking during times of recession, your best option may be a job with no benefits. If you are able to stay on a legal guardian’s or spouse’s insurance, you will still have coverage. While employer sponsored retirement saving plans are helpful in building savings, alternative options are available at many financial institutions. Citizens First Bank has a variety of retirement savings accounts to choose from, and knowledgeable staff to help guide your decision! Without an employer sponsored retirement saving plan, it is still important to prioritize your own savings account to secure your retirement.

Retirement savings

Consider taking advantage of your work sponsored retirement account. Before determining your contribution amount, create a retirement plan. This will help you calculate what your monthly contribution should be.

Making the most of your work benefits is a great step in the direction of financial well-being. For expert advice on budgeting, retirement savings accounts, and more, visit your local Citizens First Bank branch or give us a call today.