Miami Tax Planners Explain The Most Beneficial Employee Benefits

Miami tax planners Accounting ServicesMiami Tax Planners – Besides a good salary, employee benefits are mostly the deciding factor for whether a job is worth taking or even staying in. In fact, according to an AICPA poll conducted just a few months ago, 80% of Americans prefer to accept a job with employee benefits rather than without, even if paid 30% more.

What’s the most common employee benefit?

Employee BenefitsOne of the most prevailing benefits for working Americans is, of course, medical insurance. When it comes to healthcare, people in the U.S. understand the importance of being medically covered at a monthly price they can afford. According to the Employee Benefit Research Institute, 83% of employees say health insurance is very or extremely important in deciding whether to stay in or change jobs.

Miami tax planners that medical insurance as an employee benefit is not created equal. Some can cover an employee for surgery, emergency room visits, dermatology and more, while some even cover dental and vision. There’s plenty of diversity, from company to company. In many cases, many employees can also cover their dependents, including spouses and children. Typically, both the employee and employer contribute to the monthly payment.

According to the same poll, about 90% of the 1,115 surveyed said they understood all of the employee benefits they had access to, but only 28% said they were very confident that they were taking full advantage of them. Miami tax planners suggest employees research and study the multiple opportunities they can get through their employers. Fully understanding them makes better planning for retirement and also helps people navigate unforeseen circumstances such as a medical issue.

Saving money through employee benefits

Reaching financial goals is also part of the employee benefit mix. Miami tax planners learned that 56% of the surveyed employees said health insurance and a 401K match were what helped them most to save money or increase their income. 33% of them testified that paid time off would help them save money, while 21% preferred flexible hours. 15% rather work remotely, while 11% preferred tuition reimbursement.

Furthermore, on the connection of employee benefits and financial goals, the U.S. Bureau of Labor Statistics found out (last year) that Americans overestimate the value of their employee benefits. They thought benefits made up about 40% of their total compensation, when the reality was closer to 31%.

What’s one of the most uncommon employee benefit?

Uncommon Employee BenefitMiami tax planners learned disability insurance isn’t offered by every employer. Disability insurance replaces all or a part of someone’s income when he or she can’t perform their job because of illness or injury. There are two types; short term disability and long term disability. Short term start right away or within weeks of the disability, and offers a few paid weeks to allow the employee to recover. Long term can entitle someone to receive income until retirement age in some cases.

Surprising employee benefits statistics

According to popular job search engine Careerbuilder, 32% of workers are looking to change jobs this year because of low pay, while 15% cite lack of benefits as the reason for change. When it comes to learning opportunities as an employee benefit, 36% of workers and half of millennials would consider quitting their job for more continuing education. Achievers, a employee recognition and rewards program, states 20.7% of workers would leave their jobs for better corporate benefits. While WTW says 78% of workers would likely stay with thir employer because of the benefits they offer.

How do you feel about your employee benefits?