A Guide to Maximizing Your Company Benefits

It's November, the holiday season is approaching, and it's time to review your company's benefit offerings. While many employees quickly skim through their options, taking a few minutes to understand your choices can significantly impact your overall compensation.

According to the U.S. Bureau of Labor Statistics, company benefits account for approximately 32% of an employee's total compensation. By making informed decisions, you can ensure your benefits align with your specific needs and maximize your financial well-being.

Let's dive into the key benefits and strategies for optimizing your coverage:

Health Insurance:

Health insurance is one of the most critical components of your benefits package. Understanding the differences between PPO and HMO plans, deductibles, out-of-pocket maximums, and network coverage is essential for making an informed choice.

• PPO vs. HMO: PPO plans offer a larger network of healthcare providers but come with higher premiums. HMO plans have more limited networks but are typically more affordable.

• Cost Considerations: Evaluate premiums, deductibles, out-of-pocket maximums, and network access. Consider your anticipated healthcare needs and risk tolerance.

• HSA vs. FSA: Health Savings Accounts (HSAs) offer tax advantages and can be used for qualified medical expenses. Flexible Spending Accounts (FSAs) are also tax-advantaged but have more restrictions on usage.

Dental and Vision:

• Dental: Most dental plans cover preventative care like cleanings and x-rays. Consider the specific coverage offered and out-of-pocket costs.

• Vision: If you wear glasses or contacts, vision insurance can be a valuable benefit. Check the coverage for eye exams, frames, and lenses.

Disability Insurance:

Disability insurance provides financial protection in case you are unable to work due to an illness or injury.

• Short-Term Disability: Covers income loss for a limited period.

• Long-Term Disability: Provides ongoing income support in case of a long-term disability.

• Consider Your Needs: Assess your financial situation and determine if disability insurance is a valuable investment.

Life Insurance:

Life insurance protects your loved ones financially in the event of your death.

• Employer-Provided Coverage: Many employers offer basic life insurance coverage.

• Additional Coverage: Consider purchasing additional coverage to meet your family's needs.

• Term vs. Whole Life: Understand the differences between term and whole life insurance policies.

Dependent Care Options:

If you have dependents, dependent care benefits can help offset childcare costs.

• Dependent Care FSA: Contribute pre-tax dollars to a dependent care FSA for qualified expenses.

• Eligibility and Usage: Check your eligibility and understand the rules for using the FSA.

Retirement Savings:

• Employer-Sponsored Retirement Plans: Take advantage of your employer's retirement plan, such as a 401(k) or 403(b).

• Contribution Strategies: Contribute at least up to your employer's match, increase contributions over time, and diversify your investments.

• Retirement Planning: Develop a retirement savings plan that aligns with your goals and financial situation.

Remember to take your time and carefully review your company's benefits offerings. Understanding your options and making informed choices can significantly improve your financial health and overall well-being.

Securities offered through Mutual of Omaha Investor Services, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Mutual  of Omaha Investor Services, Inc., a SEC Registered Investment Advisory Firm. Apex Advisors, LLC. and Mutual of Omaha Investor Services, Inc.  are not affiliated.