We hear so much about how significant benefits are to our employment. But how much are our benefits really worth?
If you've never sat down with a paper, pencil and your paystub here's are the range of values for some benefits.
Health insurance is always going to be the biggie. It's typically one of the more significant expenses for an employer. But it's also one of the most important in attracting and retaining talent.
So how much is it worth to you? If you get sick, it's priceless since uninsured health care plan can cause huge bills and possibly even bankrupt people.
Typically, it's worth $5,000-$30,000, depending on what type of plan you have. The 2018 Milliman Medical Index states employers usually pick up about 56 percent of the cost for a family of four covered by an average preferred provider organization (PPO) plan is $28,166.
So in this case, it's like adding about $14,000 to your annual salary. Health insurance is definitely something to consider if you are switching jobs.
Commuter benefits are worth something different to employees and employers.
Employees save up to 40 percent on commuting costs. Since they can set aside $265 per month, it's possible to "save" up to $3180 per year on the commute. They also get savings on taxes because the money is saved tax-free. So commuter benefits are valuable to employees who take public transit or pay for qualified parking.
Employers also get in on the savings, so the benefits have added value to them. Employers can save up to $41 per month for each employee who enrolls in commuter benefits. In a given year, 50 employees participating for 12 months, means more than $24,000 in savings on payroll taxes. If your company has 75 employees in the program, that could mean $36,000 in savings.
Other valuable benefits include:
● Health Savings Account $500-plus
● Dental Insurance $1,500-$4500
● Disability $2000-$5000
● Life Insurance $250-$500
● Paid Time Off Varies depending on what you make per day
● FICA contribution 7.65 percent of your salary
● Student Loan Payoff $1,000-$2,000
● Financial Wellness $500-$2,500 annually
Every workplace will be different. But the total compensation package means more than just words on paper. Each benefit has some value attached to it, and you should take advantage of each one as much as possible.