Are You Getting the Most Out of Your Employee Benefits?

Open enrollment season can feel like an annual chore — something you rush through between back-to-back meetings or while sipping a late-night espresso. But if you’re a high-earning tech employee in Seattle, your benefits package likely offers far more than you realize. 

Taking the time to review your options each year can translate into thousands of dollars saved, better coverage, and access to perks that improve your daily life.

The Value of Employee Benefits 

Employee benefits are a critical part of your overall compensation. Employers spend a significant amount of money on these programs, and if you don’t take advantage of them, you’re essentially leaving part of your paycheck on the table.

Maybe your family has grown, you’ve had a change in health needs, or you’re simply ready to maximize the perks your company offers. Whatever the reason, it’s worth taking a thoughtful look at your options instead of just clicking “renew.”

The choices you make here have ripple effects across your finances, your health, and even your work-life balance. And the best part? You’re already paying for them through your employment, so maximizing benefits is like unlocking hidden value you’ve already earned.

Our take: It’s well worth your time to work with a financial advisor who can help you get the most out of your employee benefits!

Why It’s Important to Take Advantage of Open Enrollment

Open enrollment is the one time each year when you can adjust your benefits without needing a qualifying life event. It’s essentially your window to evaluate whether your current elections still fit your lifestyle. 

Keep in mind, most tech companies observe open enrollment during the fall, typically in October or November, so be on the lookout for communications from your HR department or benefits team.

Benefits to Make Sure You Are Getting the Most Out Of

Your employer likely offers more than one or two types of benefits. Let’s break down a few of the most important ones.

Medical

Medical coverage is often the most significant decision you’ll make during open enrollment. Many tech companies offer multiple tiers of health plans. For example, you might have the choice between a high-deductible plan with lower monthly premiums or a plan with higher premiums but lower out-of-pocket costs when you need care.

The right choice depends on your circumstances. A younger employee who rarely visits the doctor might benefit from lower premiums and the ability to contribute to a Health Savings Account (HSA). A family with kids in constant need of check-ups, sports physicals, or the occasional urgent care visit might prefer the stability of lower deductibles.

Whatever you choose, make sure you review and adjust during open enrollment. Missing the window could leave you locked into a plan that doesn’t match your needs for an entire year.

Retirement

Retirement benefits are often one of the most valuable but overlooked parts of your compensation package. A 401(k) plan is standard, but the real question is whether you’re set up to maximize it. Are you contributing enough to get the full company match? Do you know whether your plan offers a Roth 401(k) option, which allows for tax-free withdrawals in retirement? 

For high-earning tech employees in Seattle, the details matter. Contribution limits are higher than ever, and some employers even offer after-tax contributions and in-plan Roth conversions — commonly known as the “mega backdoor Roth.” 

Pro tip: If you’re unsure whether you’re taking full advantage of all available options, this is a great topic to review with your financial advisor during open enrollment.

Other Benefits That Are Likely to Be Available to Tech Employees

Employee benefits go far beyond health and retirement. Many companies in the tech industry offer perks that can add meaningful value to your daily life:

• Employee discounts: Whether it’s cheaper software subscriptions, phone plans, or local retail discounts, these can add up over time.
• Parental leave and reproductive assistance: Paid maternity and paternity leave, fertility treatments, and adoption support can be game changers for growing families.
• Wellness and lifestyle perks: Fitness stipends, mental health services, and counseling programs can support both physical and emotional well-being.
• Pet insurance: For many employees, pets are family. Pet insurance can ease the burden of unexpected veterinary bills.
• Cybersecurity protection: As remote work continues, identity theft and cyber risks are on the rise. Some companies now offer digital security coverage as part of their benefits.

These extras may seem small compared to salary and health insurance, but they often provide peace of mind and tangible financial savings. The key is knowing what’s available and using it — otherwise it’s like forgetting a gift card in the back of a drawer.

A Financial Advisor Is a Great Resource to Help You Navigate and Take Advantage of Employee Benefits

Employee benefits can feel overwhelming. From medical tiers to retirement contribution strategies, the decisions aren’t always straightforward. That’s where a financial advisor can help.

As a fiduciary, fee-only advisor, our role is to look at your entire financial picture — including your benefits — and help you make choices that align with your goals. Maybe you’re trying to balance saving for a second home with maxing out your 401(k). Maybe you’re weighing whether an HSA is better than a Flexible Spending Account. Or perhaps you simply want reassurance that you’re not missing something hidden in your benefits package.

Our team is here to translate the fine print into a clear plan of action. By pairing your employee benefits with a broader financial strategy, you’ll ensure that every part of your compensation works as hard as you do. Reach out today for a free consultation.

Northern Lights Advisors is a fiduciary, fee-only Registered Investment Advisor (RIA) firm based in Seattle, Washington. The information in this article is not intended as tax, accounting, or legal advice. Read the full disclosure here.