Many job seekers would accept a new opportunity if better benefits were offered. A job comes with more than a paycheck. It may also bring a long list of perks and benefits such as wellness plans, insurance policies and even free food. “If you think about your compensation package, 30 to 32 percent of your total compensation doesn’t come in the form of salary,” says Gerry Leonard, president of ADP Benefit Services in Alpharetta, GA.
When it comes to benefits that offer the most value, talent experts say these are the ones you want.
From a dollars-and-cents standpoint, practically no benefit is as valuable as health insurance. “Getting your health [insurance] provided by your employer is huge,” Leonard says.
The Kaiser Family Foundation found the average annual cost for an employer-sponsored family health insurance plan was $18,142 in 2016. Of that, employers covered $12,865 of the cost.
Health Savings Account
Leonard says health savings accounts are still underutilized but provide a great value for employees. Money deposited into the account is tax-deductible. It then grows tax-free, and withdrawals used for qualified health care expenses are tax-exempt. Some businesses will make an annual contribution on behalf of workers as well. The only catch is that employees need to have a qualified high-deductible health insurance plan to participate.
Learn more by checking out the article in U.S. News & World Report!