Congratulations! You’ve just landed a new job and are looking forward to a long and promising career. As a new employee, you’ll get your company ID card, email account, and other essentials on the first day. If your company provides an orientation session, you’ll probably also receive a bulky welcome packet that includes most of what you need to know about all the benefits your new employer provides. Your job may provide some nice perks, like an on-site, subsidized cafeteria and discount movie tickets, but what you’ll have to think critically about are the benefits that contribute to your health and overall financial well-being, such as health insurance, life insurance, disability income insurance, and retirement savings plans. Some of these benefits are paid for by employers and will cost you nothing. You may have to pay for other benefits, but generally they are deducted directly from your paycheck on a pre-tax basis, so you won’t feel a significant financial strain.
If you’re just beginning your career, you may not realize just how much most working Americans rely on benefits for the bulk of their financial security. In fact, eight out of ten employees say that benefits are the deciding factor in taking a new job or staying with their current company.1
While the volume of information you receive from your employer may seem overwhelming to digest, keep in mind that the sooner you learn how to take full advantage of any benefits your job offers, the better off you’ll be in terms of getting your personal finances off to a strong start. Many people focus only on health insurance; however, it’s important to understand all of the company benefits you’re offered. Attend educational sessions, but also ask your human resources or benefits administrator for any additional online tools or other materials that may be available. Learning as much as possible about your coverage options means you’ll be armed with the information you need to select what is most appropriate for you.
Here are some of the options you may have:
1 Guardian Workplace Benefits Study, 2014.
Medical insurance is not underwritten or serviced by Guardian.
This material is intended for general public use. By providing this material, Guardian is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial professional for guidance and information specific to your individual situation.