Six ways to save money as a employee in 2010

Since the beginning of the new year, employee benefits have maintained or increased and should continue to do so as the year rolls out. Taking advantage of these benefits can keep money in your bank and out of the hands of bill collectors.

Perhaps the most notorious benefit of being an employee are premium HMO, POS, PPO plans you have available.

Usually, you’ll get to choose from more than one health plan, or qualify for a particular health plan. Most insurances plans are simply deducted from your paycheck, eliminating you yet another bill to pay every month.

Insurance rates can differ depending on the plan, but usually the more expensive the plan, the lower co-pays, prescriptions, visits to specials you will have.

The second employee benefit is the ability to maintain healthcare spending accounts that are convenient for your spending budget. There are a few types of employee savings account packets. The FSA dependent care plan has a $5,000 annual cap, and the health care FSA plan is a $3,000-$5,000 flexible limit. Both allow employees to save their “pretax dollars” to be used for expenses.

Third, your employer can pay for your health expenses with health reimbursement accounts. These accounts pay for your health problems only while you are employed. They are no longer funded if you are no longer working at the specified business.

Of course, there are always the 401(k) plans open to full time employees. Planning for the future is never too
late or too early. Any percentage of your annual salary that is put into a 401(k) is not taxed. A great way to save now and later.

Another way of saving money on unforeseen medical expenses or medical emergencies are having HSAs or health savings accounts. Any money that accrues from premiums can be used as this “pretax” dollar and put into a health savings account for such expenses.

The last way to save you money as an employee are health incentives. Doing weight-loss programs and fitness
plans can knock down your health insurance costs. Some companies even offer cash bonuses or discounts to employees who participate in health fitness programs.

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