Premium Only Plan
Do you have a Section 125 benefit program for your employees? If so, then you may also want to consider enhancing your package with the Premium Only Plan (POP). This is a great building block that can help your employees even more with their health care needs than already.
The POP helps reduce a company’s costs by allowing certain employee paid group insurance premiums to be covered with pre-tax dollars. This means both parties have much to gain from the plan. Here are some benefits for employers and employers:
• Employers save the matching Social Security and Medicare taxes of all the dollars put through the plan. They also save on payroll taxes when employees make pre-tax contributions and the plan is tax deductible as a business expense. Finally, the tax savings often cover the entire cost of administering a POP.
• Employees can save 20 – 40% of their payroll deductions. These savings come from income taxes, Social Security, and Medicare. In addition, employees’ total take-home pay can increase, meaning more cash flow in their pockets.
At Better Business Planning, we understand the importance of successfully implementing Premium Only Plans. Our agents will be happy to guide you along the process to securing an affordable POP plan that works flawlessly with your existing health services offering. We are always dedicated to providing high-quality customer service, and with this plan, there is no exception. We are here for you every step of the way so you and your hard working employees may find peace of mind now and in the future.
For more information and to learn about BBP Premium Only Plans, contact us today at 800-724-7668!