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Monthly Archives: June 2013

Do You REALLY Explain Your Insurance Benefits?

Communication is the key to any successful benefit package.  Making sure employees understand and value their benefits sometimes really can be as easy as doing a better job to explain the benefits available to them.  For industry experts jargon such as deductibles, co-insurance, co-payments and other insurance industry terms are everyday vocabulary.  For many of our employees "they are NOT".  What they are is confusing and intimidating. [read more...]

June 26th, 2013 • 0 Comments

Yes, A Written Plan Document for Section 125 POP is Required.

Most people know that premiums for health insurance are not taxable.  Well, that is if you have a Section 125 POP Plan.  The plan has to be in writing and there are other requirements that have to happen in order to be compliant. [read more...]

June 25th, 2013 • 0 Comments

What Products are IRS Section 125 Eligible Expenses?

Often referred to as Cafeteria or IRS Section 125 a Premium Only Plan is an employee benefit plan that allows employees to select desired benefits from their employer's benefit package, "cafeteria" style.  The real benefit of this type of plan is the tax favored treatment from the IRS if set up in accordance with Section 125 of the Internal Revenue Code.  Yes you read correctly...tax free. No federal or state income tax.  No Social Security or Medicare tax.  And Employers..........NO MATCHING TAXES! [read more...]

June 22nd, 2013 • 0 Comments

How will the Affordable Care Act (ACA) affect IRS Section 125 POP Plans?

IRS Section 125 Premium Only Plans (POP) help employees and plan sponsors realize significant tax favored treatment of employer sponsored group benefits.  The POP plan help employees save by paying their share of insurance premiums on a pre-tax basis and employers also save by not paying or matching FICA taxes and avoiding federal unemployment taxes on premiums.  The situation creates a win-win for all involved. [read more...]

June 12th, 2013 • 0 Comments