8 Employee Benefits to Take Advantage of Before 2022 Ends

female office worker relaxing with feet on table

As an employee, it’s important to make the most of benefits or stipends that are offered to you before the end of the year. Employee benefits are great, but most are “use it or lose it”. Many of these perks offered by your employer can cover dollars you would have spent anyways: things like health related expenses, professional development and home office equipment. By taking advantage of these benefits, you can improve your physical, financial and professional well-being and set yourself up for success in 2023 and beyond.

Here are 8 employee benefits to take advantage of before the end of 2022:

  • Health Insurance and Benefits
  • Retirement Savings
  • Professional Development
  • Health and Wellness Programs
  • Remote Work Stipends
  • Time off
  • Employee Assistance Programs
  • Discounts and Perks

What Are Employee Benefits and Employee Stipends?

Employee benefits are non-wage compensation offered to employees in addition to their regular salaries or wages. These benefits can include things like health insurance, retirement plans, paid time off, and more. They are typically offered by employers as a way to attract and retain employees, and to provide additional financial and personal support to employees.

A stipend is a fixed amount of money that is paid to an individual for a specific purpose, such as to cover the cost of professional development or home internet. Stipends are typically paid in addition to an individual’s salary or wages. Common stipends offered to employees from employers include: professional development stipends, remote work stipends, health and wellness stipends as well as FSA and HSA benefits.

Do I Have to Use My Employee Benefits/Stipends?

Nobody is forcing you to use any benefits provided by your employer. In fact, not using them will save the company money. However, companies offer benefits with the full intent that they will be taken advantage of. If you are lucky enough to receive a stipend from your company for spending in various categories, you might as well use them!

When Do I have to use My Employee Benefits By?

Depending on the terms set by your company, whether or not you have to use your stipend each year will vary. Many employee stipends are intended to be used within a specific time frame, such as within a certain calendar year, while others may not have any specific time frame attached to them.

What Can I Use My Employee Stipends On?

Spendmystipend was created to answer this very question! If you’re unsure of what to buy with your various employee benefits and reimbursements, you can check out our famous guides for more information on what to buy with your various employee stipends:

3 Main Stipend Categories Offered by Employers

17 Best Ways To Spend Your Health and Wellness Stipend

Looking for ways to spend your health and wellness stipend? You’ll find 16 ways to spend your health …

42 Great Ways to Spend Your Remote Work Stipend

Looking for ways to spend your remote work stipend? This post contains 41 ideas that you can spend …

13 Easy Ways To Spend Your Professional Development Stipend

Looking for ways to spend your professional development stipend? You’ll find 12 of the most popular …

If you have received a stipend and are unsure how it should be used, it’s a good idea to check with your employer or the organization that provided the stipend to get more information. They should be able to provide you with guidance on how the stipend should be used and any deadlines or other requirements that you need to be aware of.

1. Health Insurance (FSA/HSA)

white and blue health pill and tablet letter cutout on yellow surface

If you have a flexible spending account (FSA) or a health savings account (HSA), be sure to use up any remaining funds before the end of the year. This can help you save on out-of-pocket medical expenses and reduce your tax burden. You can browse a list of all FSA/HSA eligible items on Amazon. The deadline for Health Insurance and benefit selections for next year are also coming up. Be sure to plan ahead and estimate health related expenses so that you can make these purchases tax free next year.

2. Retirement Savings

person putting coin in a piggy bank

If your employer offers a 401(k) or other retirement savings plan, consider increasing your contribution or taking advantage of any matching funds. This can help you build a strong financial foundation for the future. The contribution for Roth IRA’s in 2019, 2020, 2021 and 2022 is $6,000 ($7,000 if you’re 50 or older this year). As rule of thumb, you should max out the 401(k) match from your employer then maximize your Roth contribution before making any other investments.

3. Professional Development

a woman in white long sleeves and pink hijab smiling

Many companies offer tuition reimbursement or other professional development opportunities for their employees. If you have the opportunity to take a course or attend a conference, consider taking advantage of it before the end of the year. If you’re looking for ideas on how to spend your professional development stipend, check out this amazing guide 13 Great Ways to Spend Your Professional Development Stipend.

4. Health and Wellness Benefits

man running on side of road

Some companies offer programs to help employees maintain their physical and mental health, such as gym memberships, wellness classes, or mental health resources. If your company offers these types of programs, consider participating in them before the end of the year. A lot of health and wellness benefits come in the form of a monthly stipend. If you haven’t been taking advantage of this stipend, you may be able to get reimbursed for health and wellness related expenses throughout the year in a lump sum. Not sure what’s eligible? Browse 17 different ways to spend your health and wellness benefit dollars here.

5. Remote Work Stipends

turned off silver imac

If your employer offers a remote work stipend, it’s important to use it before the end of the year. Even after the Covid-19 pandemic, many employers are still offering this benefit in the form of hundreds of dollars (maybe not for long!) Remote work stipends are intended to help cover the costs associated with working from home, such as internet and phone bills, home office equipment, and other expenses. By using your remote work stipend before the end of the year, you can help offset some of the costs of working remotely and make your work-from-home experience more comfortable and productive. This article is the best resource for remote work products eligible for reimbursement through the Work From Home Stipend.

6. Time Off

photo of woman sitting on boat spreading her arms

Don’t let unused vacation or sick days go to waste. Taking time off can help you recharge and come back to work feeling refreshed. Did you know that employees who take more vacation are more successful in the workplace? Check out this insightful NPR article about a Harvard study titled “The Data Driven Case for Vacations”.

7. Discounts and perks

30% discount tag png sticker

Many companies offer discounts or perks to their employees. Examples include discounted products, vacation packages and other offerings. Others partner with discount networks like Perks at Work that save you money on all sorts of items. If your company offers these types of benefits, be sure to take advantage of them before the end of the year.

8. Employee Assistance Programs:

Many companies offer free or low-cost resources to help employees with personal or professional issues. Counseling, financial advice, and legal assistance are just a few examples of this employee benefit. If your company offers an employee assistance program, consider using it before the end of the year as there’s no guarantee it will be around next year.

Why You Should Take Advantage of Your Employee Benefits

There are many reasons why it’s important to take advantage of employee benefits. Some of the main reasons include:

  • Improved physical and mental health: Many employee benefits, such as health insurance and wellness programs, are designed to help improve your physical and mental health. By taking advantage of these benefits, you can access the care you need to stay healthy and reduce your out-of-pocket medical expenses.
  • Financial security: Some employee benefits, such as retirement savings plans and tuition reimbursement, can help you build a strong financial foundation for the future. By taking advantage of these benefits, you can save money, invest in your education, and set yourself up for financial success.
  • Personal and professional growth: Many employee benefits, such as job training and advancement opportunities, can help you develop new skills and advance in your career. By taking advantage of these opportunities, you can improve your resume and increase your chances of success in your professional life.
  • Work-life balance: Employee benefits, such as time off and flexible work arrangements, can help you achieve a better work-life balance. By taking advantage of these benefits, you can reduce stress, improve your well-being, and be more productive at work.

By taking advantage of employee benefits, you can improve your overall well-being and set yourself up for success in your personal and professional life. Don’t let these valuable opportunities go to waste – make the most of them before it’s too late.

photo of man holding a book

If your employer provides a stipend for these types of benefits, be sure to use it before the end of the year. Many of these benefits have expiration dates or “use it or lose it” policies, which means that if you don’t use them before the end of the year, you will lose the opportunity to take advantage of them. Happy spending!

Leave a Reply