The turkey’s in the oven, the family’s on their way, and you’re all set for a day of feasting and fun. But before you sit down to enjoy your well-deserved feast, we wanted to take a moment to remind you of all the things you have to be thankful for at work – namely, your employee benefits! Here are 5 reasons to give thanks for employee benefits this Thanksgiving.
Pre-tax benefits save you money
With a pre-tax benefit, you’re able to deduct the cost of your benefits from your taxes before you calculate what you owe. That means you’ll end up paying less in taxes overall. There are several different types of pre-tax benefits that you may be eligible for, including Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Commuter Benefits. Each type of benefit can help you save money in different ways. For example, with an FSA you can use pre-tax dollars to pay for qualifying medical expenses and dependent care. With an HSA, you can use pre-tax dollars to pay for qualifying healthcare expenses. And with Commuter Benefits, you can use pre-tax dollars to pay for qualified transit expenses. If you’re looking for ways to save money on your taxes, consider taking advantage of one or more of these pre-tax benefits. You may be surprised at how much you can save!
Pre-tax benefits lower your taxable income
Pre-tax benefits are a great way to lower your taxable income. By setting aside money for things like medical expenses and retirement, you can reduce the amount of money that is subject to taxation. As a result, you’ll owe less in taxes and have more money to save or invest. Pre-tax benefits can also help you keep more of your hard-earned money, which is always a good thing.
Pre-tax benefits are easy to enroll in
Most employers offer some sort of pre-tax benefit program, so chances are good that you’re already enrolled in one (or more). If not, enrolling is usually as easy as filling out a form or two. So there’s no excuse not to take advantage of these savings!
Pre-tax benefits are available for a variety of expenses
From medical and dental expenses to child care and commuter costs, there are a number of different expenses that can be covered by pre-tax benefits. So no matter what your needs are, there’s a good chance that pre-tax benefits can help you meet them.
Pre-tax benefits can improve your overall wellness
In recent years, more and more employers have begun offering wellness accounts as an employee benefit. These programs typically provide access to resources like gyms, personal trainers, mental health services, and more at a discounted rate (or sometimes even free!). And while they’re often designed to improve employees’ physical health, they can also do wonders for mental health and overall wellbeing.
Speaking of mental health, did you know that most employers offer employee assistance programs? These programs provide free or low-cost counseling services for employees who are struggling with mental health issues, relationship problems, substance abuse issues, and more. If you ever find yourself feeling overwhelmed or stressed at work (and let’s face it – who doesn’t?), remember that help is available.
Give Thanks for Great Benefits
This Thanksgiving, we hope you take a moment to reflect on all of the wonderful things in your life – including your employee benefits! From health insurance and paid time off to wellness programs and retirement savings plans, there are so many reasons to be thankful for your employee benefits package. We hope you have a happy and safe holiday!