NEW YORK (CNN/Money) - So your employee benefits for 2005 are set in stone now. For most people, there is no going back on those choices, but you can still milk your benefits for everything they are worth.

After all, benefits and perks are a large part of your overall compensation package. You've earned them, so why not take advantage of them?

Here are Today's Top Five Tips on getting the most out of your employer's offerings.

If you work for a decent-sized company, chances are your employer offers some kind of freebies or discounts. Retailers give their workers markdowns on their goods. Large corporations offer employees discounts on airline tickets or vacation packages. HR representatives arrange group rates at the local gym.

Some companies match charitable donations to universities or favorite charities. Companies that contribute to the arts in your community might get free admission for employees to museums.

Find out from your HR rep what freebies your company provides. If they're lacking something you want, ask for it -- they may be able to work out a new perk.

Flexible spending accounts, or FSAs, let you set aside pre-tax earnings for important expenses like healthcare, prescriptions, daycare and transportation.

The catch is that most have a "use it or lose it" policy. While it is money from your paycheck that you set aside, you don't get it back unless you claim it. At the end of the year, if there is anything left in the account, your employer gets it.

Tom McCormick, CEO at the Employee Benefit Institute of America, says you should keep a file of all your receipts and "Make your claims immediately...otherwise your employer is just holding onto your money."

To really take advantage of the programs, find ways to spend every penny. If your FSA can be used for transportation, hold on to any receipts for parking and transit passes. Most FSAs cover health-related costs -- anything from over-the-counter drugs to co-pays on doctor visits for Junior's braces.

Keep a file of all those records, at the end of each month, make your claims. If you put more in your FSA than you needed, think of all any expense you can use to claim all your money.

Several drug stores are helping customers realize what they bought that can be covered by an FSA. As a CVS ExtraCare cardholder, you can get a print-out at www.CVS.com of all the FSA-applicable items you bought. Walgreens will point out them out directly on your receipt. And on www.Drugstore.com, there is a link to a store that sells only FSA-eligible items.

Look deep in the mound of materials from your HR department and you're likely to find perks for the whole family. That means the kids, you, and grandma and grandpa too.

According to Dee Lee, financial educator and author of "Women and Money," many companies are beginning to realize the needs of the "sandwich generation," the 40 million-plus workers who are caring for their kids and their parents at the same time. More and more companies are offering long-term care insurance you can purchase for you and your parents to help you plan for nursing home or caregiver expenses.

Kelly Loussedes, director of public relations at the National Association of Health Underwriters, says, "Some employers can offer cheaper premiums on long-term care plans because they buy in bulk and can offer you a group rate."

Still, you should shop around for the best deal. If college tuition is your burden, Lee says 70 percent of companies will allow you to borrow money from your 401(k) to pay for college tuition. They might also offer Junior a summer job or internship.

If your family is just starting out, the most valuable benefit from your employer may not be financial, according to Lee. "Time is the most important thing you've got with your family," says Lee, "Look at how seriously your employer honors that."

To avoid high daycare costs, ask your company to let you work from home part-time or on flextime. Another perk for the family: ask your employer about their adoption assistance program if you are looking to adopt

However, if your first baby is on the way, take a look at life insurance, but not necessarily just the plan offered at work. For one thing, you could lose your job. And for another: you could find a better deal if you shop around.

One more thing: FSAs can be great for your family. While they will help with medical expenses, they can also cover daycare, after-school programs, and summer camps. Lee says you can put aside a maximum of $5,000 of your gross income in your FSA, which can save you 20 to 30 percent in taxes.

Take any opportunity for personal and professional growth. Most employers are willing to pay for some tuition, according to Dallas Salisbury, president of the Employee Benefits Research Institute (EBRI).

You might get your company to chip in for that night class in accounting or even a stress-reliever like yoga. Your employer might not have a tuition reimbursement program -- Salisbury says ask anyway.

As for your vacation time: Take it all. Believe it or not, many employees still don't take all of their vacation days, according to Salisbury. While you don't want to seem like a lazy employee, keep in mind that it was your employer who offered you those days.

If you are really afraid to take all your vacation, consider donating a few of your days to someone who could really use them. Many companies offer shared leave, which allows employees to donate their extra days to someone who needs time off because they are sick, or have a family circumstance.

One of the best perks employers can offer is the 401(k). If you aren't participating in your company's program, you've got to start. Your 401(k) allows you to save some of your earnings -- pre-tax. Even better, your employer will most likely match your contributions, depending on how long you've worked for the company, and been enrolled in the program.

If you don't milk your company's 401(k) plan for what it's worth, "It's leaving money on the table...almost like turning down a raise," according to Salisbury.

To fully take advantage, maximize your contributions by getting the most money possible out of your employer and saving the maximum of your pre-tax earnings.

Employees younger than 50 can make a maximum $14,000 in pre-tax contributions this year. A worker 50 or older can contribute up to $18,000.

Some employers also limit the percent of your income that you may contribute. If yours is one of them, Salisbury says, "Ask your employer why their rules are not up to current law."

If you're hesitating on contributing to the max, at least contribute to the level at which your employer will match you. To get an idea what different percent contributions will do to your take-home pay, check out the financial calculators at www.choosetosave.org.

Gerri Willis is a personal finance editor for CNN Business News and the host for Open House. E-mail comments to 5tips@cnn.com.