Premium Only Plan
Flex Administrators can assist you in creating a Premium Only Plan Document. This document allows your employees to have their group health insurance premiums be withheld on a pre-tax basis which allows the employees to save FICA and federal income tax on these deductions. Also, in most states they will also save state income tax on these deductions. You, as the employer, may also save because eligible businesses do not have to pay FICA matches or FUTA tax on these employee deductions. However, in order to offer this benefit to your employees, a Plan Document and Summary Plan Description (SPD) is required. We will assist you in offering this plan to your employees by creating and providing you with:
- Premium Only Plan Document
- Premium Only Summary Plan Description
- Employee Enrollment Forms
- Annual Maintenance and Automatic Document updates as needed
- Assistance with NonDiscrimination Testing
To request a quote for these services, please complete the Request for Proposal Here.