Did you know that not all employers offer employee benefit packages?  Most of the time, the reason benefit packages aren’t offered is not because the employers don’t like their employees; but instead due to the high costs.

Most people don’t know how much their employer really pays to provide benefits.   Benefits are expensive; and those costs keep increasing, it’s rare if the cost of an employee benefit decreases.   The increased costs are forcing many employers to cut back on employee benefit packages.

Most of the costs associated with benefits are paid for by the employer.   Some employers do defray some of the costs to employees, but usually just a fraction of the total costs.  So if your employer offers an employee benefit package, hug your boss or company owner.

Employee benefits are sometimes thought of as the “extra’s” provided by your company in addition to your regular wages, salary or commissions.  Here’s a short list of the employee benefits that may be offered by your employer – - at comparatively little or sometimes no cost to you.

Hug your boss, if you get these benefits:

Retirement Benefits

• Group Qualified Retirement Plans; which is your 401k plan.
• Sometimes your employer may give you free money.
• The free money is from your employer matching your personal 401k contributions.
• Sometimes your employer may have set up the 401k plan so that you have ability to take out loans against your 401k account balance.
• Non-Qualified Retirement benefits; which would be deferred compensation plans.
• The difference between a Qualified and Non-Qualified Retirement plan is the tax deferral option.
• Contributions are made to Qualified plans on a tax deferral basis; Non-Qualified contributions are not tax-deferred.
• Company Stock Options.

Insurance Benefits

• Health Insurance benefits.
• Sometimes you employer is so generous that you just have to pay a mere fraction of the cost in the form of a deductible or co-pay.
• Dental Insurance benefits.
• Again your employer may be so kind as to have you just pick up the deductible or co-pay.
• Life Insurance benefits at discounted premiums.
• Disability Insurance at discounted premiums.
• Long -Term Care Insurance at discounted premiums.
• Wellness Programs; which sometimes includes membership at the gym.
• Group Auto Insurance – insurance sold at discounted prices.

Employers sometimes get taken for granted.  It’s so easy to take things for granted – we all do it occasionally.   One thing you need to keep reminding yourself to be thankful for is the generosity of your employer.  Whether your employer continues to offer the generous benefit packages they used to can be a minor point when they are still offering you a job…be thankful.