With premium prices increasing nationally, legislative requirements looming and growing employee demands weighing heavily on business finances, employers should look to creative, effective cost saving strategies.
South Jordan, Utah (PRWEB) December 25, 2011
In addition to providing an array of premium only plan (POP) services, Taxfreepremiums is now providing a health savings account (HSA) with every plan purchased. The decision to incorporate HSA accounts into the Taxfreepremium scope of services came in an effort to broaden the already expansive range of benefits employers receive from Taxfreepremium premium only plans. Employers can now enjoy the security an HSA brings to any sponsored health care plan while still accruing the savings POP plans provide with tax-free dollars.
HSA are a form of savings account available for employees under group insurance programs. When employees contribute toward an HSA, their deposits are not liable to Federal taxes. Employees can build up funds, tax-free, that can be used for qualified medical expenses. HSA allow employees to be proactive in their financial and medical security; by responsibly setting back capital and acquiring tax-free savings employees are better prepared for their future needs.
The Taxfreepremium POP plans that HSA now compliment are a unique cost saving strategy provided by the IRS in order to increase the accessibility and affordability of sponsored healthcare for both employees and employers. While subscribing to a premium only plan, employers can deduct employee premium contributions before taxes are deducted. The tax-free nature of the contributions:
- Increases employee take-home pay (an average $100-$300).
- Saves Employers 7.65% in matching annual FICA taxes (equating to several thousand dollars per year).
- Promotes employee satisfaction and retention with a practically cost-free raise (all costs associated with initial set-up of a POP are generally more than compensated for by the savings accrued over the course of the first year).
As a technology driven industry leader, My Compliance Solution, inventor of Taxfreepremiums.com, helps employers, insurance advisors, CPAs, attorneys, and payroll providers get in and stay in POP compliance. They are the industry leader in Section 125 POP Plan Documents and provide a compliance package through an annual subscription service. This service provides a virtual tookit with all required documents and a step by step process designed to get an employer in compliance with IRS and DOL requirements. The service provides automated compliance updates, archived documents, and now, Non-Discrimination Testing Software at a low annual fee. Learn more at http://www.taxfreepremiums.com.
# # #