You may need to conduct some research to see how much your company contributes to health insurance, retirement programs, and other benefits. Some advantages have nonmonetary worth as well, and different people value the same benefits in different ways.

People with health issues, for example, are likely to value assured access to a disability or life insurance, which might otherwise be difficult or excessively expensive. Someone who has student loan debt may appreciate a program to assist with school debt significantly more than someone who does not have student loan debt.

Now that open enrollment season has returned, it's a good opportunity to assess your company's existing options. Understanding how much your benefits are worth can either rekindle your devotion to your present employment or make you realize it's time to look for a better opportunity. If you're considering being self-employed, you'll have a clearer idea of how much more you'll need to earn to replace your existing perks.

According to Mercer, an employee benefits consultancy, the following are some of the most frequent perks, along with average employer contribution levels.

Health Insurance Costs Between $5,000 And $20,000 Each Year.

Employer-provided health insurance plans range from the most basic to the most luxurious. According to KFF, a health insurance research company, employers paid 83% of the $7,739 single coverage cost last year and 73% of the $22,221 family coverage premium.

According to Paul Fronstin, director of health benefits research at the Employee Benefit Research Institute, or EBRI, you may find out how much you and your employer spent for health insurance last year on your 2021 W-2. The yearly amount is frequently published with a "DD" designation.

Your employer may also deduct their payment from your pay stub. A pay stub is a document that shows your gross and after-tax earnings, as well as numerous deductions. You can usually obtain your pay stub using your company's online payroll system; inquire with your human resources department for further information.

Of course, premiums are only one aspect in determining your healthcare coverage. Deductibles, co-pays, and provider networks are other important considerations. Having access to a variety of plans might make open enrollment more complex, but it can also help you adapt your coverage to your specific needs.

Plan For Retirement Savings: 3% To 10% Of Salary

According to EBRI polls, the benefit that employees appreciate the most after health insurance is access to a retirement plan, with all other benefits falling in "a distant third," according to Fronstin.

According to AARP, those who have workplace retirement plans such as 401(k)s are considerably more likely to save for retirement than those who do not. These plans include automated payroll payments and, in many cases, automatic enrollment.

Most 401(k) plans also include business matching funds, which may help employees accumulate wealth more quicker. The most frequent matches are 50% of the first 6% of a worker's income or a dollar-for-dollar match of 3% to 6% of compensation.

Employers can contribute an even higher percentage of their employees' salaries to traditional pension plans, which provide a fixed monthly benefit amount in retirement. This is in contrast to 401(k)s and other defined contribution plans, where the amounts you get in retirement are determined by the amount deposited and the performance of your assets.

Pensions are still widespread among government organizations, schools, and health care NGOs, but according to the Bureau of Labor Statistics, just around 15% of private sector workers have access to such schemes.

Everything Else Ranges From Zero To Thousands.

According to Sandra Sweeney, principal in Mercer's career practice, employers who provide dental insurance often pay $500 to $2,500 per year for the coverage. Life insurance often costs between $100 and $300 per employee, while disability insurance typically costs between $250 and $1,500.

Employers may provide access to supplementary coverage, such as life insurance, long-term care insurance, or pet insurance. Workers normally pay the full cost of the plans but may benefit from group prices, according to Fronstin.

Help with college fees is also becoming more common. According to the Society for Human Resource Management, almost half of the companies provide tuition help. In addition, 17% of the employers polled by EBRI last year provided some form of student loan debt help, with another 31% planning to do so.

According to the IRS, workers can deduct up to $5,250 in tuition aid from their income on their tax returns. And, through 2025, the restriction covers student debt repayment assistance.

Keep in mind that your firm offers perks to attract, retain, and reward employees. If you're not sure what all of your benefits are or how much they're worth, Fronstin recommends contacting your human resources department.

"Ask your boss," Fronstin suggests. "It's not a surprise."