Are you leaving money on the table? Hidden employee benefit could be worth thousands.

Many workers know their salary, but may not know the true value of their workplace benefits.

With inflation continuing to strain household budgets, financial experts say one of the easiest ways to improve your finances may be through benefits you already have access to through your employer. According to certified financial planner Dan Hernandez of Voorhees-based Milestone Wealth Management, many employees are unknowingly leaving significant money on the table.

"It could be thousands of dollars a year, for sure, and it's really just not being aware of what's out there, what your employer is providing you," Hernandez said in a recent appearance on the In Your Corner podcast.

One of the biggest missed opportunities: 401(k) matches

A common benefit workers overlook is their employer's 401(k) match.

Many companies contribute money to employees' retirement accounts when workers contribute their own money. Hernandez said failing to participate can mean missing out on what is essentially free money.

"Your employer is saying, if you contribute, I'll contribute with you," Hernandez said. "It doesn't get any easier or any freer than that."

Hernandez said some workers skip retirement contributions because they believe they cannot afford them or think retirement is too far away to worry about. But even small contributions can make a major difference over time because of employer matching and compound growth.

"The wrong answer is don't contribute at all and miss out," Hernandez said.

Other benefits workers often overlook

Retirement plans are only one piece of a benefits package.

Hernandez said many employers also offer valuable programs that employees may not fully understand or use, including:

• Health savings accounts (HSAs)
• Flexible spending accounts (FSAs)
• Life insurance benefits
• Tuition reimbursement programs
• Disability coverage
• Family leave benefits
• Gym membership reimbursements
• Commuter and transportation assistance

Some benefits can help workers save on expenses they are already paying for.

"They're getting this tax benefit for stuff that they're probably going to spend anyway," Hernandez said while discussing health savings accounts.

What should you do now?

Hernandez recommends reviewing your benefits package at least once a year, understanding what programs are available and making sure you're taking full advantage of employer matches and other offerings.

"It pays to go back to your benefits office, to HR, and say, 'Hey, just give me a rundown of all the benefits that are available to me, in case I'm missing something,'" Hernandez said.

For more practical money-saving advice, watch the full episode of the In Your Corner podcast featuring certified financial planner Dan Hernandez. You can find new episodes posted every Wednesday on the CBS Philadelphia YouTube channel.

Looking for help with a consumer issue? Click here to submit your complaint to In Your Corner.