How to Understand the Benefits Book at Your New Job-The Must

How to Understand the Benefits Book at Your New Job-The MustHow to Understand the Benefits Book at Your New Job-The MustThe first days at a new job are pretty exciting...until HR hands you the giant book of company benefits to review. Suddenly, youve gone from enthusiastic new hire to having to wade through dozens of pages of fine print to understand the benefits that will ultimately affect your paycheck, your financial future, and your wellness.Intimidated? Dont be.As you head into new employee territory, this benefits briefer can help take away the fear factor. Heres what you need to knowHow to Decipher Health-Care OptionsThe days of simple employee health-care selections are over. Your instinct might be to go with the least expensive tier of coverage, but take some time to examine the followingPremiums The amount you pay toward your insurance that will come directly out of your paycheck.Deductible amounts How much youll have to pay out of pocket before the full coverage kicks in.C o-pays A set amount you pay for doctor visits, specialists, hospital visits, and prescriptions. Note that if you choose to use a doctor that is notlage in your network, you will likely pay more.Whats covered Some plans are more generous than others, but most at least allow for a free yearly physical and other preventative care.If youre someone with a chronic condition, for instance, it may pay for you to choose a plan with a higher premium but lower co-pays, since youll likely save in the long run.Also, get insight as to how much it will cost to add others if you need to add a spouse or children to your plan.And dont gloss over your other insurance options. From dental and vision to short- and long-term disability to life insurance, you may be able to purchase extra protections through your job. Read up on your options to help you decide which are worth going for.Also your company may have a wellness program that provides discounts for healthy activities (like getting a flu shot or attending a gym) and flexible spending accounts (FSAs), which allow you to contribute tax-free money into an account that can be used toward medical and health related expenses. Just be careful with your FSA- if you dont use your contributions in a calendar year, they do not roll over. FYI FSAs are different than HSAs (health savings accounts), which can only be used if you are in a qualified HDHP (high deductible health plan). But, this money doesnt have a deadline and is yours to use for medical and other related expenses.Read More8 Basic Benefits Questions That Smart People Forget to AskThe Insurance You Dont Want to Think About (But Really Should)How to Fund Your Cushy RetirementIt sounds crazy to think about old age when youre a young professional, but compound interest and time are a future retirees best friends. First and foremost, find out whether your employer does 401K matching contributions. If so, take advantage by contributing at least that percentage from every paychec k youre allowed to go up to $18,000 for tax year 2017. (Youll thank us when you turn 65)As far as how to invest in your 401K, you usually are given some preselected choices based on target retirement age, or the amount of risk you wish to take. Although every persons finances vary, usually, the younger you are, the more aggressive you can be.Read MoreForget Your Age Why Everyone Needs a Specific Retirement Goal NowExcuse Me, Silly Question Here- But What Exactly Is a 401K?When You Can Actually Use Your Time OffTheres more to the story than just how many vacation and personal days you get. Is there a waiting period before you can take off? Does time carry over from year to year? Is the company closed on major and not-so-major holidays? Is there bereavement leave? Parental leave? Dig into that section of the benefits handbook, and get answers.Read MoreThe 6 Unwritten Company Rules You Wont Find in the Employee HandbookEverything Youve Ever Wanted to Know About Taking a Personal Day (P lus Some)How Unlimited Vacation Works in Reality (and Not Just in Company Handbooks)Unlimited Vacation Policy? What You Should KnowOther Perks People Dont Know AboutOnce the big benefit items are out of the way, you should review other employee freebies and discounts. These may include tax-free public transit and parking allowances, a discounted gym membership, an expense policy for reimbursement on certain items discounts with certain retailers or vendors through an employee perks program and tuition reimbursement.Facing down the benefits book might seem daunting at first, but its worth digging into. And if youre still a little lost, talk to your HR contact or a trusted co-worker (someone whos been through it before) for help in navigating whats available to you. After all, you work hard for not only your salary, but your benefits as well.