Premium Only Plans
The employee benefit solution where you benefit too.
If your employees pay a portion of their health insurance cost you man be able to reduce your payroll taxes, and give workers a little extra in their checks each and every week. How? By letting us handle payroll deductions for insurance premiums with a Premium Only Plan.
A Premium Only Plan, or POP, allows employees to make contributions to their group, dental, life and disability insurance cost before taxes are calculated. Under Section 125 of the Internal Revenue Code, employees save FICA, federal income tax, and in most cases, state income tax on their health insurance deductions with every paycheck.
You can save, too, because eligible businesses do not pay FICA matches or FUTA tax on employee medical deductions. In about half of the states, these contributions may be exempt from SUTA. For many small to medium-size companies, the savings can be impressive.
But premium-only-plan paperwork is time-consuming. IRS eligibility standards are stringent and, of course, very complicated. Until recently, few smaller companies could afford to enjoy all the benefits of a POP.
Of course, no one is more qualified to sort through the red tape for you than Advantage. We offer POP services, making it easy for you and your employees to get everything that's coming to you.
For more information on Advantage Premium Only Plans, call today: (800) 440-9033
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