Even though many employees are benefits-eligible, they often don’t understand or take full advantage of the benefits available to them. As an employer, you can help promote financial wellness within your company by offering benefits that encourage employees to save for their future.
Here are ten benefits your business should offer to encourage financial wellness:
1. Health Insurance
One of the most important benefits you can offer is health insurance. With rising healthcare costs, having health insurance can help employees cover unexpected medical expenses. Employees who have health insurance are also more likely to get preventive care, which can help them avoid more serious health problems down the road.
2. Retirement Plans
Offering a retirement plan is another way to encourage employees to save for their future. Employees who have access to a retirement plan are more likely to save than those who don’t. By offering a retirement plan, you can help employees secure their financial future.
3. Flexible Spending Accounts
Flexible spending accounts allow employees to set aside money on a pre-tax basis to cover eligible medical and dependent care expenses. This can help employees save money on taxes and stretch their benefits dollars further.
4. Health Savings Accounts
Health savings accounts (HSAs) are another way to help employees save on healthcare costs. HSAs are tax-advantaged accounts that can be used to pay for medical expenses. Employees who have an HSA are eligible to make contributions on a pre-tax basis, which can help them save money on taxes.
5. Life Insurance
Life insurance can provide financial security for employees and their families in the event of the death of the policyholder. This benefit can help ease the financial burden of funeral costs and other expenses associated with the death of a loved one.
6. Disability Insurance
Disability insurance can help employees stay afloat financially if they’re unable to work due to an injury or illness. This benefit can help cover lost wages and other expenses while the employee is out of work.
7. Financial Wellness Programs
Financial wellness programs can help employees learn how to manage their money and make sound financial decisions. These programs can provide budgeting assistance, debt counseling, and other services to help employees improve their financial well-being.
8. Discounts and Perks
Some companies offer discounts and perks to employees as part of their financial wellness benefits package. These benefits can include discounts on products and services, as well as access to exclusive deals and offers. By offering these benefits, you can help employees save
money and improve their financial wellbeing.
9. Tuition Reimbursement
Tuition reimbursement is a benefit that can help employees cover the cost of education. This benefit can be used to pay for undergraduate or graduate degrees, as well as professional development courses.
10. Commuter Benefits
Commuter benefits can help employees save money on transportation costs. This benefit can be used to pay for public transportation, parking, and other commuting expenses.
Encouraging financial wellness within your company can help employees become more financially secure. By offering benefits that promote financial wellness, you can help your employees build a bright future.