When considering a job, it’s important to consider each company’s benefits. Read on to learn the most common employee benefits.

Health Insurance

The most common employee benefit is health insurance, which helps to cover your medical expenses. Many companies have different policies about when you qualify for health insurance. Generally, if you are working full-time, you qualify for this benefit. Some companies will completely cover you and allow you to purchase insurance for your family. Other companies will have you pay a premium for yourself and your family. Some companies also allow you to cover your significant other or partner. You should consider the out-of-pocket costs as well as the premium costs when comparing health insurance benefits. Companies are required to offer health insurance plans that meet the Affordable Care Act guidelines in many cases.

401(k) Employer Match

Employer match is another great employee benefit. Many employers will match your 401(k) contributions up to a certain percentage of your salary. Be sure at least to contribute enough money to your 401(k) to qualify for the employer match because it’s free money. In other words, a 401(k) plan might require you to contribute a minimum of 3% of your salary to receive the full matching of 3% from your employer, for a total of 6%. If you don’t contribute or participate in your 401(k), you don’t receive the employer match. If you leave the company before you are vested in the 401(k) program, you will lose the amount your employer has added. Typically, it takes five years to become vested, meaning the employer-matched contributions become yours to keep. As a result of being vested, you can transfer those funds to another 401(k) or individual retirement account (IRA) when you leave the company. Your human resources representative can tell you how long you need to work in order to become vested.

Paid vacation and sick days are also great employee benefits. Generally, you earn a set number for each month you work. These days will accrue as you work. Many employers also give additional days once you reach the five- or 10-year mark. When changing jobs, you may want to consider the benefits that you will give up due to seniority. Also, when you leave, your company may pay you for the sick days and vacation days that you have accrued but not used. However, it varies by state on whether that is enforceable by law.

Life Insurance

Typically, your employer will pay for the amount of one year’s salary while giving you the option to purchase additional coverage. A life insurance benefit can help pay your bills, debts, and burial expenses in the event of your death. You should be prepared to name a beneficiary when you fill out your initial paperwork, which requires the social security number of your beneficiary. You can also change the beneficiary by contacting your human resources department. If you have a condition that will stop you from qualifying for life insurance, you may want to maximize the amount you have through your job.

Stock Options

Stock options allow you to purchase stock at a set price. However, there is usually a waiting period set by the company before you can sell the stock. You receive the stock options at a specific stock price and you might be able to sell them when the stock price is higher. Using your stock options is a great way to increase your savings and a great benefit offered by many start-up companies. 

Flexible Spending Accounts

Another common benefit is a flexible spending account (FSA). These are regulated by the government, and so the rules are pretty much the same across the board. An FSA will allow you to set aside pre-tax dollars from your paycheck and direct them to an account for medical expenses. FSAs can cover out-of-pocket copayments and deductibles required by your insurance plan, some prescriptions, and other health care costs.

Other Insurance Options

Your company may offer many other insurance options, including dental, vision, and disability insurance. You should determine whether or not you need all of these additional insurance benefits. Disability insurance is a great benefit since it will protect you if you were suddenly injured. If you are considering dental and vision insurance, you should carefully look at your insurance plans before you make a decision.