Sumary of New Job? 6 Benefits That Make the Most of Your Money:
- Image source: Getty Images 1. Health insurance is a must The premium may be expensive, but healthcare coverage is critical for almost everyone.
- If you’re generally healthy, you may consider opting for a cheaper plan, but know that that will likely have lots of copayments.
- If you are covered by a spouse or parent, you can opt out of health insurance, but verify your coverage before you make that choice.
- Health insurance can help you get the care you need to keep a small health issue from turning into a large one, saving money in the long run.
- 2. HSAs, FSA, and Limited-Purpose FSAs are nice add-ons In addition to health insurance, many employers offer tax-saving Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), or Limited-Purpose FSAs (FSAs for vision and dental coverage only).
- With these plans, you set aside pre-tax dollars and use the money for those out-of-pocket costs not covered with insurance.
- HSAs are only available with some types of healthcare plans, and money you don’t use now can be used in the future.
- FSAs and Limited-Purpose FSAs are both use-it-or-lose-it accounts.