Since it's only the 4th day of the New Year, it's still an excellent time to think about where you can save money this year. For starters, reading one of my many posts about coupons can definitely help.
Second, look out for promotions that pop up with your favorite (or not so favorite) merchants, credit card providers, and other stores. Here is one I came across recently, and that despite my displeasure with BP on the Gulf oil spill, will gladly take BP's handout of a $10 gift card by purchasing their gas.
Third, review your company's benefits plans. You may be shocked to find discounts for gym memberships, pubic transit, child care, wireless services, and other common expenses.
Fourth, don't just buy something, on-line or off, without exploring cash back or loyalty points offerings. Especially if you are going to buy something on-line, there is more than a great chance that the retailer participates in one of the affiliated cash programs such as Big Crumbs, Cashbaq, Ebates, Mr. Rebates, or Monkey Jar. These programs allow you to squeeze a few more dollars out of your purchase. Best of all, they are free and often are associated with bonus coupons not easily found elsewhere.
These are just a few of the many ideas out there. Keep your eyes open for other discount and loyalty program offerings.
Showing posts with label company benefits. Show all posts
Showing posts with label company benefits. Show all posts
Tuesday, January 04, 2011
Tuesday, November 03, 2009
How To Take Advantage Of Open Benefits Enrollment
Just a reminder that it might be the time (only twice a year, unless a major life event happens) for you to review your health care and other benefits. This year, a growing theme is more consumer driven health plans, that is you, the consumer, taking more control of your health care costs vice your employer. We all know that the subject of health care coverage is a major headache, and in debate in Congress. Until that is sorted out, you can do a few things to lower your costs:
1) If you are using a traditional plan, that costs more per month, but has lower out of pocket costs, be sure to take advantage of the Flexible Spending Account (FSA) option. These allow you to set aside pre-tax dollars for expenses like doctor's co-pays, contact lenses, and other other IRS-approved items.
2) Consider a high (er) deductible health care plan that comes with a Health Savings or Health Reimbursement Account. These are designed for you to pay lower premiums monthly, but face a higher threshold of cost in the event that you have medical needs beyond the routine. Good thing is that many plans still cover preventative care visits- gratis. Look for a Health Savings Account (HSA) plan among your options. The difference is that the Health Reimbursement Account (HRA) belongs to your employer (because ideally they are contributing along with you to offset health care costs) and must be sacrificed when you leave your firm, although it still grows year by year, just like the Health Savings Account. The Health Savings Account is portable, meaning, you can take it with you, and it grows year to year as well. And, hopefully your employer is contributing to that as well. It saves them money. You can contribute pre-tax dollars as well, up to statutory limits, which vary by age.
For more information on these alternative plans, especially about the types of medical costs that can be covered with HSAs, HRAs, and FSAs, visit the IRS. (It's a surprisingly straightforward document and worth a look.)
Bottom line: carefully research your options and don't just take your default choice out of laziness. There's money to be saved. Ask your company's HR practitioner for help, too. Some plans are clearly better for than others.
1) If you are using a traditional plan, that costs more per month, but has lower out of pocket costs, be sure to take advantage of the Flexible Spending Account (FSA) option. These allow you to set aside pre-tax dollars for expenses like doctor's co-pays, contact lenses, and other other IRS-approved items.
2) Consider a high (er) deductible health care plan that comes with a Health Savings or Health Reimbursement Account. These are designed for you to pay lower premiums monthly, but face a higher threshold of cost in the event that you have medical needs beyond the routine. Good thing is that many plans still cover preventative care visits- gratis. Look for a Health Savings Account (HSA) plan among your options. The difference is that the Health Reimbursement Account (HRA) belongs to your employer (because ideally they are contributing along with you to offset health care costs) and must be sacrificed when you leave your firm, although it still grows year by year, just like the Health Savings Account. The Health Savings Account is portable, meaning, you can take it with you, and it grows year to year as well. And, hopefully your employer is contributing to that as well. It saves them money. You can contribute pre-tax dollars as well, up to statutory limits, which vary by age.
For more information on these alternative plans, especially about the types of medical costs that can be covered with HSAs, HRAs, and FSAs, visit the IRS. (It's a surprisingly straightforward document and worth a look.)
Bottom line: carefully research your options and don't just take your default choice out of laziness. There's money to be saved. Ask your company's HR practitioner for help, too. Some plans are clearly better for than others.
Saturday, September 26, 2009
Fringe Benefits To Consider When Shopping For A New Job
For a variety of reasons, I am not going to discuss investing in any great detail on the blog. It's risky to say the least. There are a variety of respected publications and other news sources that are better for that. I won't say which ones are better than others, I will leave that to you to determine as well. I subscribe to three magazines to get a fairly balanced view of personal finance. A bonus tip: don't pay cover price for magazines. Many third party web sites exist that sell all of your favorite magazines at rock bottom prices, and will even show up on a price search engine web site. You can pay for magazine subscriptions with frequent flyer miles, too.
With that said, I came across an article in a major monthly publication today discussing how one can research how their 401k plan is rated against other company's. With a site called BrightScope, you can see how well your plan fares against other company's offerings. Now, you may not pay too much attention to your 401k plan's details, but not all plans are a like as this site will show you. For starters, investment options, fees, vesting periods, and restrictions on when you can invest all vary. Many other tools/features exist, too, that aren't standard in every plan.
If you are in the market for a new job and you are lucky enough to have multiple offers, you might consider researching how the new company's plan fares against another company's offerings. While it may not be enough to sway you, it could be used to help gauge how much of a salary you should ask for. For example, if Company A's 401k matching plan is weaker than Company B's, you may want to ask Company A for more money if you like them better.
Visit BrightScope and see how your company is rated on a scale of 1 to 100, 100 being the best. If your company isn't listed, you can submit documents to have it added. There will be more additions down the road to the current list, so you may just want to wait a while, too.
With that said, I came across an article in a major monthly publication today discussing how one can research how their 401k plan is rated against other company's. With a site called BrightScope, you can see how well your plan fares against other company's offerings. Now, you may not pay too much attention to your 401k plan's details, but not all plans are a like as this site will show you. For starters, investment options, fees, vesting periods, and restrictions on when you can invest all vary. Many other tools/features exist, too, that aren't standard in every plan.
If you are in the market for a new job and you are lucky enough to have multiple offers, you might consider researching how the new company's plan fares against another company's offerings. While it may not be enough to sway you, it could be used to help gauge how much of a salary you should ask for. For example, if Company A's 401k matching plan is weaker than Company B's, you may want to ask Company A for more money if you like them better.
Visit BrightScope and see how your company is rated on a scale of 1 to 100, 100 being the best. If your company isn't listed, you can submit documents to have it added. There will be more additions down the road to the current list, so you may just want to wait a while, too.
Saturday, August 29, 2009
How To Take Full Advantage Of Your Company Benefits
Hidden in all your corporate benefits packages, if you are lucky to have good ones, are a lot of possibly little known discounts. A lot of people have head of flexible spending accounts which allow you to set aside pre-tax dollars to pay for medical expenses, devices, and more. For example, you can go to your favorite drug store and buy something as basic as band aids with your flexible spending account debit card and buy them with pre-tax dollars. Extra savings tip, since your FSA account is limited to what you contribute, maximize its usage by utilizing coupons. Yes, you can use coupons in conjunction with your FSA card and essentially get an additional discount off these types of items. You can even use your FSA account for on-line shopping, such as at drugstore.com. When searching for items, look for an FSA-approved label.
In addition to health care savings, you might also be able to take advantage of discounted wireless services. My old company had a deal with Verizon where I could get 7% off the bill every month. Again, that's money just sitting there for you.
I encourage you to review your company's benefits brochure or website, or speak with your HR contact. You might be surprised at what you can get. Gym memberships are another common discounted benefit for employees.
In addition to health care savings, you might also be able to take advantage of discounted wireless services. My old company had a deal with Verizon where I could get 7% off the bill every month. Again, that's money just sitting there for you.
I encourage you to review your company's benefits brochure or website, or speak with your HR contact. You might be surprised at what you can get. Gym memberships are another common discounted benefit for employees.
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