Banking Law

Twelve Personal Finance Mistakes - Employee Benefits

By Eugene S. Melchionne, Connecticut Consumer Attorne

What does your employer really offer to you as an employee?  I’m not talking about raises; there won’t be many of those this year.  But there are benefits that employers offer to employees that many do not take advantage.  For instance, everyone thinks of getting medical insurance.  But does your employer offer different kinds of medical insurance?  Does one include an employer funded Health Savings Account?  An HSA might save you a tremendous amount on your monthly premiums.  Since it also saves the employer money, some of that savings might be shared.

Or you might be surprised how many people do not contribute to their retirement plans.  With employer matching funds, your contributions might be doubled.  Savings like this grow at a tremendous rate when left alone.  There might be education benefits.  Keep in mind that knowledge, once learned, cannot be taken back.  What you learn on your job makes you more valuable to an employer.  This could mean the difference between a raise or no raise when compared to another employee who works a strict 9 to 5 schedule.

Full post as published by Debt Law Network on June 04, 2009 (boomark / email).