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Her group estimates that in 2023, the average amount available for employees to spend on health care was about $1,525 per plan member.

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“It can be substantial when you add up what is available to you,” said Klein.

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Even before considering pension contributions, high-earning, single professionals could value their benefits at about $5,000 annually, said Casey Cameron, founder of Vancouver-based Camlife Financial. However, this could be a much higher actual value if they have any health issues.

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And that is a major consideration. If you work for a large enough company, there is little underwriting or checking of your health status for basic drug coverage. So if you have a drug that costs $10,000 a year, it might make more sense to work for a company with coverage and benefits. That extends to coverage you might need for a spouse or child.

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There is some good news if you are shopping for a job in a market where the right candidates have negotiating power, said Cal Jungwirth, director of permanent placement services at talent recruitment company Robert Half Inc.

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“Even though the broader numbers in the economy itself might not scream as hot, we are still finding organizations struggling to find the right people, so folks have a little more leverage than they think,” he said. “The phrase I think of is total compensation. Individuals are very fixated on salary. Do a math exercise. Start with salary and then add everything up.”

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Some organizations do that job for you and will actually show what the benefits potentially could be on top of salary, but would-be hires can now discuss those extras early in the job process. Some benefits may be company-wide policy and not negotiable, said Jungwirth.

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He added a key consideration in making your next decision could be whether your spouse has a great benefits plan, in which case you might be more focused on base salary.

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“It’s difficult to negotiate some benefits, but perks like parking, transit or (starting) vacation … can be,” said Jungwirth. “Salary you can negotiate, and sometimes a bonus.”

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And when is it too early to discuss total compensation? The job interview is obviously early, but once offers are on the table, there should be no hesitation.

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“It’s all about timing,” he said. “In this day and age, individuals are interviewing the organization and (compensation) is part of it.”

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Those who are self-employed lose access to that key aspect of compensation and need to purchase their own benefits. Some of the key products Camlife’s Cameron recommends individuals buy on their own are disability insurance and life insurance. “People are up to 20 times more likely to have an injury or illness than actually die,” he said.

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What this means in terms of cost is that a software engineer in his 30s would pay $150-$200 per month for a high-quality policy with an $8,000 monthly tax-free benefit. Health and dental benefits are more problematic because if you are on an expensive drug, you probably won’t get coverage, and if you are healthy, you will likely balk at the price, said Cameron.

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A health and dental plan could cost $100-$200 per person per month, but the low limits, waiting periods and exclusions often make it hard for people to see value, he said.

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For those who plan to incorporate their business, he recommended a health spending account. For the cost of about five per cent to a third-party operator to operate the account, you write off almost everything, paying pre-tax corporate dollars for your medical expenses instead of after-tax personal dollars.

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For something like fertility clinic treatments, you could be deducting up to $20,000 each attempt.

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Deciding on your next job is an emotional decision. Salary has always been a major part of your decision. Make sure total compensation is too, even in a rough economy.

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