Did you know that pre-tax healthcare plans can have big benefits for your small business and your employees? In these video minutes, SurePayroll President Michael Alter will explain the various types of Section 125 plans, including FSAs, HSAs and POPs. You'll learn which type of plan is best for your business and about the eligibility of your employees.
This small business video minute gives you the know-how about Section 125 Plans, and how they can benefit your company.
Section 125 Plans give employees benefits by allowing pre-tax deductions for expenses such as healthcare, child care and dependent care. There are several types of plans, including flexible spending accounts, healthcare plan savings accounts, and POPs. A Section 125 Plan can save you money and improve company morale.
A Flexible Spending Account (FSA) is one type of Section 125 Plan you may want to consider implementing. Learn more in this small business video minute.
With an FSA, your employees can elect to make pre-tax deductions for uninsured medical expenses not covered by your regular healthcare plan. If the employee does not spend the money in their FSA by year-end, you'll retain the balance.
A Healthcare Spending Account (HSA) is one type of Section 125 Plan you may want to consider implementing. Learn more in this small business video minute.
With HSA accounts, employers and employees can make tax-free contribution to a fund to pay for medical expenses. Employees must have a High Deductible Health Plan to be eligible, and they can take their money with them if they leave your company.
A Premium Only Plan (POP) is one type of Section 125 Plan you may want to consider implementing. Learn more in this small business video minute.
A POP is a pre-tax savings plan that allows employees to contribute to group insurance plans. Contributions of up to $50,000 are allowed. Both you and your employees will save on taxes if you offer a POP.
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