For too many employees, the only time they really pay attention to their benefits package is when they get hired. Sure, they might give the package a little thought during Open Enrollment, but, even then, many of us just check “No Change” and move on. The problem is, by ignoring our benefits, we might miss out some benefits that could save us money or simply make our lives better. Here are six employee benefits that are often underutilized.

Health Savings Account (HSA)
Even people who use their HSAs as a way to set aside dollars for healthcare-related costs don’t always take full advantage of the account. Remember: In addition to prescriptions and doctor visits, those set-aside dollars can be used for a wide range of over-the counter costs, from aspirin and allergy meds to wart removal and medically necessary weight-loss programs.

Flexible Spending Accounts (FSA)
While the Health Savings Account is the most common, it’s not the only type. Some employers offer FSAs to help employees set aside pre-tax dollars for dependent care (childcare or adult care), adoption assistance, transportation and more.

Employee Assistance Program
Imagine having your own life coach/advisor, one who could answer questions about finances, legal issues, day care crises, mental health issues and more. And imagine that advisor were just a phone call or email away at all times. Well, you probably don’t have to imagine it. It’s likely already a reality, in the form of an Employee Assistance Program (EAP), which offers those services and more … even if they’re grossly underutilized.

Supplemental Life and Disability Insurance
Sometimes meetings about supplemental life and disability insurance can seem like just another sales pitch, but those offerings can prove valuable, especially if you have problems getting affordable life insurance because of medical problems. Regardless, buying the insurance in a group usually lowers the cost well below what you could get on your own.

Employer Matches
Whether it’s for a retirement plan, tuition assistance or charitable giving, not taking full advantage of an employer’s offer to match your funds is the equivalent of turning away free cash.

While most of us fantasize about having more vacation days, many don’t even use the days we have. In 2018, American workers left 768 million vacation days unused! Think it’s no big deal because it’s not costing you anything? Think again: When you were hired and those days were factored into your offer package, you saw a lot of value in them. Why should it be any different today?

To learn more about these and other benefits you might be
underutilizing, consult your benefits information, HR team or
benefits provider.

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