Taking full advantage of your employee benefits

September 26, 2013

By Sheryl Smolkin

SHUTTERSTOCK
SHUTTERSTOCK

Everyone wants a raise and to make more money. One of the easiest ways to do that is to take advantage of your employee benefits. Here’s a checklist that can help you unlock the full potential of your workplace benefits.

  1. Maximize retirement savings
    Many employers match employee contributions to Saskatchewan Pension Plan, the company pension plan or Group RRSP by as much as 5 or 6 per cent of their employees’ salary. Over time it’s worth a bundle.
  2. Consider company stock
    Your company may have a payroll deduction plan that lets you buy shares at a discount. It is a taxable benefit and any decision to buy company stock should be part of your overall investment strategy. When Nortel failed, many employees who owned company shares lost both their jobs and a significant chunk of their nest eggs.
  3. Submit all medical bills
    Often your pharmacy and dentist will submit bills directly to your insurance company. However, other bills must be submitted by you. Check out your plan to see what’s eligible, keep the receipts and submit them. Even small amounts add up.
  4. Coordinate benefit plans
    If you and your spouse, or partner, have benefits make sure they are co-ordinated. Instead of getting a portion of your bills paid, you may be able to collect it all by using both. If a root canal costs $1,000 and your company only pays half, you have a lot to lose.
  5. Health Care Spending Account: Use it or lose it
    Health Spending Accounts are a popular way for employers to give employees benefits choice. The company provides a lump sum, say $500, which can be used to pay for things not fully covered by the basic medical plan. Check your benefits information to understand how your HSA works. Also make sure to read and act upon statements or emails advising you that your HSA balance will be forfeited if it is not used by a certain date.
  6. Monitor your maximums
    Make sure you know how much you can spend each year for dental work, physiotherapy, massage therapy, orthotics or glasses. Time your appointments and purchases accordingly.
  7. Maternity and parental leave top up
    Ottawa pays up to $501 a week for 50 weeks of parental leave, after a two-week waiting period. Many companies pay full salary for the waiting period and top up to 95 or 100 per cent of salary. To be eligible for the government and company benefits you have to accumulate at least 600 hours of insurable employment in the previous year or since you lasted collected benefits.
  8. Employee Assistance Plan
    Employee Assistance Plans offer a lot of value. They are available at no cost to you by telephone 24/7. Getting the help you need when you need it is priceless if it means you can function well enough to keep your job or hold your family together in a crisis.
  9. Tuition reimbursement
    Many companies will pay for tuition if the course is approved and you pass. If your employer is willing to fully or partially fund an Executive MBA, you’ve really hit the jackpot. The 2013/2014 fees for a distance MBA from Athabasca University can be up to $50,000.
  10. Get fit at work
    Take advantage of in-house gyms, sports teams and wellness challenges to get fit for free. Working out is also more affordable if your employer has negotiated a corporate rate at a fitness club and/or subsidizes fitness club memberships.
  11. Use up your vacation days
    Your company probably has restrictions on unused vacation that can be cashed out or carried over to the next year. Check the rules and use them up.
  12. Corporate travel
    Corporate travel can be more of a pain than a perk if it takes you away from home for long periods. However, business travelers rack up a huge number of airline points. Some companies allow employees to charge travel to personal credit cards and retain airline points for personal use. And airline points you earn on the job are not a taxable benefit. Also, if you are going somewhere interesting and your hotel room is paid for, you may be able to take your family along on a vacation for a fraction of the normal cost.

Do you have tips for employees to maximize their use of employee benefits? Share your tips with us at http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card. And remember to put a dollar in the retirement savings jar every time you use one of our money-saving ideas.

If you would like to send us other money saving ideas, here are the themes for the next three weeks:

06-Oct Seniors Colleges, universities offer free tuition for seniors
10-Oct Thanksgiving Paying it forward: Volunteer opportunities
17-Oct Halloween Cheap and cheerful costumes, snacks
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