By Jennifer Liu / LearnVest
October 12, 2015
Natalie Young—Getty Images

For a lot of us, open enrollment season boils down to a couple of core things: It’s that time of year again to pick a health insurance plan, and maybe dental coverage, if it’s offered.

But the truth is that your employee benefits package likely has a lot more to offer you—perks that can come with significant cost savings.

So whether you’re starting a new job, or simply updating your elections during open enrollment season, here are four benefits that your employer likely provides that you may not be taking full advantage of.

The best part: If you make the most of these employee benefits, they have the potential to save you money in the short—and even long—term.

Don’t Overlook … a 401(k) Company Match

Your biggest savings goal probably isn’t something flashy, like that shiny new iPad or a trip to Paris for the holidays—it’s your retirement.

And depending on whether you plan to enjoy a quiet retirement or spend your days jetting your way across the globe, your nest egg needs will vary.

One thing that doesn’t? The importance of having a plan in place to get there.

That’s why you should consider how your employer may be able to help you reach your retirement goals, whether through a traditional 401(k) or a Roth 401(k).

Another key to-do? Look into whether your employer offers a company match on your 401(k) contributions. Matches vary, but one common scenario is a 50% match of the first 6% of your salary.

Don’t Overlook … a Health Savings Account

Open enrollment season means your health insurance plan is likely top of mind. If you’re opting for a high-deductible plan, there’s an added benefit worth looking into: a health savings account, or HSA.

It’s a tax-advantaged account that often accompanies high-deductible health plans (HDHP) and is designed to help cover medical costs before your employer’s health insurance dollars kick in.

Other key features: You contribute pre-tax dollars that can earn interest, and you don’t pay taxes on withdrawals—as long as you use the money to pay for qualified medical expenses. What’s more, some employers may even contribute to the account on your behalf.

That said, HSAs do come with contribution limits, and some may charge fees, so they’re not necessarily the best savings tool for everyone. So take the time to speak with your benefits rep, and read up on whether an HSA could be right for you.

Don’t Overlook … Disability Insurance

While choosing health insurance may be your main priority during open enrollment, consider looking into any other types of insurance benefits your employer may offer.

For example, stats from the U.S. Social Security Administration show that just over one in four 20-year-olds will become disabled before they retire—and the average long-term disability claim is 34.6 months. That can translate into a good chunk of lost income.

If your employer offers long- or short-term disability insurance, it can be a cost-effective way to purchase coverage because you’re getting a group discount. In the event that you do become disabled, a typical employer plan may cover about 60% of your salary.

Don’t Overlook … Gym Reimbursements and Other Wellness Benefits

When it comes down to it, your employer has a vested interest in helping you to stay healthy and productive on the job—and you have a vested interest in keeping your mind and body in top shape for the coming year.

So as you begin planning ahead for 2016, ask about what kinds of additional health and wellness benefits your employer offers, such as gym reimbursement, nutrition classes and massage therapy services.

Not only will you feel and work better but numerous studies point to how leading a healthy lifestyle can help improve your finances.

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc., that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the individuals interviewed or quoted in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.

Read next: 4 Health Benefit Changes to Expect in 2016

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