It’s not enough these days to offer employees monetary compensation. Many businesses are finding it increasingly necessary to offer various employee benefits as well if they want to attract the talent they need.
Not all benefits are particularly beneficial though, at least not for everyone. There are some benefits you may not find necessary to obtain through work, depending on your circumstances.
Plenty of employers offer life insurance policies, but do you need them? If you’re at a place where no one is relying on your income, life insurance may not make sense right now.
Even if you have people depending on your income, the life insurance offered by your employer may not be the best option. Look into the different types of life insurance and see if you can find a better policy elsewhere.
Dental and Vision Insurance
Dental and vision insurance are also commonly offered work benefits. Do you need them though? If you have good eyesight, vision insurance may be an unnecessary expense. Carefully weigh the pros and cons of carrying vision insurance to decide if it makes sense to keep it or not.
Everyone benefits from regular dental care, but not everyone needs the dental insurance plan provided through work. You may find better policies on your own or you may find that dental discount plans are a better option. Dental discount plans charge annual fees rather than monthly premiums. That structure may work better for some people.
Short-Term Disability Insurance
Disability insurance can be beneficial, depending on your industry and your risk of getting hurt. You can find both long-term and short-term disability insurance policies. While both have their merits, short-term disability insurance may not be as worthwhile for some. It’s intended to cover you for a short while following an injury or illness that is severe enough to keep you out of work. If you’ve built a solid savings account, however, short-term disability insurance may be an unnecessary expense.
Benefits can be incredibly helpful to employees, but they often come at a cost. If you’re finding that the benefits you signed up for through your employer are deducting more from your paycheck than you want, it’s worth taking a closer look at them. See if you’ve signed up for benefits you don’t need or if there are better alternatives to those benefits that you can get elsewhere. Given the way inflation is going, finding the best ways to make the most of your money is one of the best moves you can make.
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