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Company benefits can help your debt reduction plan

Created: On September 16, 2010 @ 3:14 pm In

Are you maximizing the benefits on your job as part of your debt reduction plan? If you haven’t paid much attention to the types of employee benefits offered by your company, you’re doing yourself a disservice. Find out if your employer has any of the following programs that can help you avoid debt.

Debt counseling and financial classes

Knowing that many workers are struggling in this economy, some employers are setting up special workshops or classes aimed at improving budgeting skills, paying off credit card debt, or getting on track with saving for retirement. Find out if there are free workshops or referrals to [1] debt counseling or other financial professionals who can help you.

Health savings accounts

Pretax contributions to a health savings account (HSA) can allow you to reduce the amoung of take-home pay that’s taxed. Money stashed in HSAs can be used for medical expenses as needed and avoid running up high health care bills. Medical debt is one of the most common contributors to people filing for [2] bankruptcy.

Flexible spending plans

A flexible spending plan (FSA) can help you pay for child care expenses and some health expenses. FSAs allow you to use pretax dollars, which can decrease your overall tax bill, boosting your take-home pay. Many workers are missing out on this benefit. A [3] Business Insurance article states that an average of 20 percent of eligible employees made FSA contributions in 2010.

Tuition reimbursement plans

If you need to take some classes to gain new skills or move up on your job, find out if there is a employee tuition reimbursement plan available. Tuition reimbursement can help you avoid wracking up student loan debt. There may be restrictions on the type of programs that qualify, so check with your benefits department to get all the details.

These are just a few of the types of employee benefit programs that might help you improve your financial situation. Don’t just ignore the employee benefits manual at your company. Take time to read it carefully to find the programs that can help you.

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URL to article: http://www.debthelp.com/blog/2010/09/16/company-benefits-can-help-your-debt-reduction-plan/

URLs in this post:
[1] debt counseling: http://www.debthelp.com/debt-consolidation/credit-counseling.html
[2] bankruptcy: http://www.debthelp.com/bankruptcy/
[3] Business Insurance: http://www.businessinsurance.com/article/20100907/NEWS/100909937