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Premium Only Plans

A Premium-Only Plan is a win-win solution for both you and your employees. It allows allows employees to purchase their own individual insurance with pre-tax dollars, decreasing taxable income and increasing take-home pay. It also reduces the employer tax liability and generally reduces premiums.

Employees elect a set amount of pre-tax dollars to be deducted from each payroll. Then, the employee purchases an individual health insurance policy from a carrier of their choice.  Accordingly, the employee is responsible responsible for paying the monthly premiums directly to the carrier. The employee is then reimbursed by the employer for the monthly premium with the pre-taxed dollars.

Premium Only Plans (POPs) typically offer exemptions from federal income tax, Social Security tax (FICA), and Medicare tax on the employee’s portion of health insurance premiums.

Health Reimbursement Accounts

A Health Reimbursement Account (HRA) combines high deductible/low premium health insurance with a tax-favored employer owned savings account. Employers solely contribute to the savings account, which can be used to reimburse employees for co-pays and other qualified expenses prior to the deductible being met.

If an employee does not use the contributions by the of the end of the year, the funds can be forfeited to the plan, or the employer can optionally choose to roll over unused funds.

Employer contributions and employee reimbursements through an HRA are not subject to federal income tax, Social Security tax, or Medicare tax, offering a triple tax advantage. This tax-free edge allows for more cost-effective healthcare spending and benefits both employers and employees.

Health Savings Accounts

Many group health plans benefit by having a Health Savings Account (HSA) feature that combines a high deductible/lower premium health insurance plan (PPO) with a savings account. Both employer and employee can contribute, tax-free to the savings account, which can help fund the deductible and other qualified medical expenses. Then, the insurance will begin paying claims, once the deductible is satisfied.

Funds in an HSA roll over year to year and are portable, meaning they can be transferred or remain with the employee if they leave or change employers.

HSA contributions, whether made by the employer or through pre-tax payroll deductions, are exempt from federal income tax, Social Security tax, and Medicare tax.

Flexible Spending Accounts

A Flexible Spending Account (FSA) is a cafeteria plan under Section 125 of the tax code and allows for benefits to be paid with pre-tax dollars which results in tax savings to both the employee and the employer.  The average working employee in America spends thousands of dollars annually on certain types of medical benefits, daycare expenses and transportation services. By participating in an employer sponsored FSA, the employee funds the plan through regular pre-tax payroll deductions, which reduces his/her taxable income, and increases the percentage of pay they take home. Employees elect how much they want withdrawn from each pay period, which can be changed annually or upon a qualifying event such as marriage or divorce. The account allows them to pay for certain healthcare and other services with the account (pre-taxed dollars), in essence giving them a discount on these services.  The administrator of the FSA account can issue a debit card that is tied to the FSA making it easy to use the account when needed.

Typically unused contributions at end of year are forfeited to the plan, however some employers may include provisions in their FSA plan design to allow either additional time to spend or a rollover of unused funds.

Contributions to a Flexible Spending Account (FSA) are exempt from federal income tax, Social Security tax (FICA), and in many cases, state income tax, as well as Medicare.

Discount Health Plans

For a small monthly fee, discount vision and dental plans provide access to healthcare at discounted prices, reducing out-of-pocket expenses for your employees and promoting overall health and financial well-being. While discount plans are not insurance, employers often use these affordable benefit options to attract and retain talent, as surveys show coverage for dental and vision care are in the top five benefits employees desire most.