Check Your Benefits

This is a good time of year to review your company provided benefits or if self-employed to review your own benefits. Are you taking advantage of all the available benefits? Below are suggested items to research.

Retirement Savings (401k/Roth) – Does your employer match part or all of their employees’ retirement account contributions? A company match can greatly increase the value of an employer-sponsored retirement savings account. Pay close attention though to the rules. Sometimes you have to stay employed for a specified amount of time to actually receive the match. Before you decide to leave a company investigate this to ensure you are not leaving money behind. Many employees allow you to borrow money from your 401k and pay back in installment payments. This maybe a great way to buy a needed vehicle.

Health Savings Account (HSA) – With a Health Savings Account (HSA), employees can set aside pre-tax dollars to pay for healtcare costs. An HSA allows greater flexibility in how money is used, and allows employees to save money for future heathcare expenses because it rolls over if it isn’t used.

Flexible Spending Accounts – The money you contribute to these accounts comes from your paycheck before it is taxed. Withdrawals are tax-free when you pay for eligible expenses. Your taxable income is reduced by the eligible amount.

Wellness Program – This rewards employees who pursue healthy behaviors and provides tools to lead a healthy lifestyle. Many plans provide the support needed to lose weight, reduce stress, stop smoking and making overall healthier choices. Employees often offer incentives to participate in the plan such as extra money disbursed toward your health insurance deductible expenses.

Teledoc Program – Many employers have begun offering this new 24/7 service. You can schedule an appointment using your phone, mobile app or internet and have a consultation with a live physician on-line. They can prescribe certain medications based on the results. Check to see if your employer offers this service.

Education Reimbursement – If you haven’t received a degree that you always wanted to obtain, look into the possibility of going to school while you work. Many employers offer tuition reimbursement.

Empyrion Wealth Management (“Empyrion”) is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Information pertaining to Empyrion’s advisory operations, services and fees is set forth in Empyrion’s current Form ADV Part 2A brochure, copies of which are available upon request at no cost or at The views expressed by the author are the author’s alone and do not necessarily represent the views of Empyrion. The information contained in any third-party resource cited herein is not owned or controlled by Empyrion, and Empyrion does not guarantee the accuracy or reliability of any information that may be found in such resources. Links to any third-party resource are provided as a courtesy for reference only and are not intended to be, and do not act as, an endorsement by Empyrion of the third party or any of its content. The standard information provided in this blog is for general purposes only and should not be construed as, or used as a substitute for, financial, investment or other professional advice. If you have questions regarding your financial situation, you should consult your financial planner or investment advisor.

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