Here are the highlights:
- The vehicle for this savings is a wellness plan provided to employees through the Section 125 Cafeteria Plan.
- No out of pocket cost for the company.
- No reduction in take home pay for the employees.
- Employee receives $150-$300 dollars to spend on insurance.
- Employer enjoys an average matching FICA tax reduction of $500-$1,000 savings annually per employee.
- No changes required in benefit plan, advisors, or payroll services.
- The contributions are deemed to be on a pre-tax basis and excluded from taxable income (Section 125)
This Program is in addition to and does not compete with group medical plans or traditional wellness plans and will create healthier and more productive employees, because plan benefits provide a wide range of offerings for the diagnosis, cure, mitigation, or prevention of disease. All of the plan benefits are designed to allow participants and their spouses to take a proactive role increasing, managing, and maintaining their personal health.
By filling out the, no-obligation census below we can determine the precise annual savings for your company. It should range from $500 to $1,000 per employee depending on their income. For confidentiality reasons you can change the name of the employee on the census and replace it with a number if you prefer.
If you should have any questions, please feel free to contact the expert directly; Tony Alford (336-978-6802, TAlford@Triad.rr.com). Tony is a veteran corporate tax specialist with over 30 years of experience helping large corporations reduce taxes.