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  • Home
  • News/Articles Library
  • Benefit Plan Types
    • Flexible Benefit, Cafeteria Plans, & Tax Advantaged Plan Options
    • Health Reimbursement Arrangements (HRAs)
    • Health Savings Accounts (HSA) Implementation
    • Commuter Company Benefits
    • Employee Benefit Plan Type Comparison
    • Employer Benefit Plan Eligibility Requirements
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Flexible Benefit, Cafeteria Plans, & Tax Advantaged Plan Options

PREMIUM-ONLY-PLANS (POP Plans)

A Premium-Only-Plan allows employees to pay for their share of the company-sponsored health insurance premiums with before-tax money. This reduces the cost of the employee share of premium by 25% or more (actual savings are based on the individual employee's tax bracket) and saves the employer FICA and Medicare taxes on these premium dollars.

To set up a Premium-Only-Plan you must first design the Plan, then prepare a Plan Document, Summary Plan Description and provide enrollment materials. All this must be completed prior to the start of your first Plan Year. Once the Plan is set up you must comply with all federal guidelines when operating the Plan and complete Discrimination Tests each year to show that key employees are not receiving a disproportionate share of the pre-tax benefits under the Plan.

Company Benefit can help. Simply, complete and return the attached Consulting along with a completed Implementation Questionnaire and payment for the first year's services. Once the contract, information and check are received we will contact by phone to verify all information, review your Plan Design (to ensure it is compliant with current regulations) and answer any questions you may have.

You may also expand your Premium-Only-Plan in the future to include pre-tax Child/Dependent Care and Out-of-Pocket Health Care Expenses. Call our consultants to review these options.

Cafeteria Benefit Plans / Flex Benefits

employer-sponsored programs that allow employees to use before-tax dollars to pay for many regular family expenses. The money which employees contribute to the Plan is not subject to Federal and State Withholding Taxes or Social Security and Medicare contributions. These payroll tax savings result in an increase in take-home pay for participating employees and a reduction in payroll taxes for the company. Tax-free expenses which can be paid through a Flexible Benefit Plan include:

  • Child/Dependent care expenses necessary to employment
    • ($5,000 maximum per family per year)
  • Out-of pocket medical, dental, and vision expenses
  • Employee-paid health, dental and vision insurance premiums
  • Employee-paid disability insurance premiums
  • Employee-paid term life insurance premiums up to $50,000 in death benefit.

After-tax choices may also be offered on a voluntary basis such as long-term care insurance, group auto, home owners and rental insurance and Pre-Paid Legal Services.

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Are you Aware of Transit Benefits?

Commuter Company Benefits

Transit / Transportation Company Benefit Up to $260/month* for transit benefit expenses The Commuter Transit Account / Transportation company benefit is a pre-tax benefit account used to pay for public transit—including train, subway, light rail, bus, and ferry—as part of

breakdown of benefit options:

Employee Benefit Plan Type Comparison

Flexible Spending Account, Health Reimbursement Arraignments, & Health Savings Account Comparison The chart below is a brief comparison of the various components of each of these important health care options. Description FSA HRA HSA History IRS Code … more

Savings

Employee Benefits and Tax Savings

Benefit to Employee HOW DOES THE EMPLOYEE BENEFIT? The employee can choose to participate in the plan or not. If the employee participates in the plan part of his/her taxable wage is converted into tax-free benefits. This can be a big tax savings for the employee and … more

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