Somewhere on your corporate website, there is likely a page or section that lists of all the benefits that your employer provides – everything from medical coverage options to paid time off to matching policies for non profit donations. April 3rd was National Employee Benefits Day and if you missed the opportunity on the 3rd, today is the perfect day to review all those benefits and make sure that you are maximizing their impact to you, your family and your community.
Of course, all of your benefits may not all be listed in one convenient place, and even if they are, it can be difficult and frustrating to understand how they work, how to choose the best option, and how to get the most out of them. Still, I encourage everyone I work with to spend some time exploring and researching their benefits and bring any questions, issues or concerns to me. I've found that it's definitely worth the time to review them. Why not be sure you are taking full advantage of all your employer is offering you?
Maybe your HSA medical plan is a better deal that it seems? Maybe there specific benefits available to you after certain years' of service or a certain age? You might even find that you have benefits, like maybe a free gym membership or a deal with a local vendor, that might be worth taking advantage of. You've probably been so busy with your job that you may be surprised to learn what your company actually offers. So just take the time now and do it.
Benefits can be a complicated beast, and despite many efforts to simplify and streamline benefit plans so that employees aren't overwhelmed, many benefits departments come up short. Two professional organizations that are trying to help employers stay on the forefront of benefit plan design are the International Foundation of Employee Benefit Plans and their sister organization the International Society of Certified Employee Benefits Specialists. Individuals with the CEBS designation have completed a rigorous course of study and many have specialties that can help ensure that any benefit plans, from the simple to the complex, are implemented in a thoughtful, strategic, compliant way. Individuals with the CEBS designation may also be in a position to help individuals understand their benefits from the perspective of the plan sponsor which can sometimes be helpful to individuals in deciding which plans to choose and how to get the most out of the choices.
At J. Bradford Investment Management, our primary focus is on financial wellness, but we also look at our clients' situations holistically and that often means some assessment of employee benefits or working with employers on seminars to help employees make good choices in their 401(k)s and 403(b)s.
If you have money questions, benefits questions or are simply interested in hearing more about the CEBS designation, just give us a call or reach out via Contact Us.