A Premium Only Plan allows an employee to deduct their portion of group health insurance premiums pre-tax from their pay-check.
Unlike an HRA, an employee makes an election as to whether or not they would like to participate in the plan. They also choose which products or services they would like to have with-held from their paycheck on a pre-tax basis.
Most of the time POP Plan documents are created and never looked at again, or years may pass before they are updated. With the 105 Concepts web application, POP Plan documents are updated regularly, so you know that the documents are always in compliance with the latest Department of Labor and IRS standards.
With a POP Plan Employees Can Deduct:
- Group Health Insurance Premiums
- Group Accident Premiums
- Group Indemnity Premiums
- HSA Contributions
With the 105 Concepts POP Plan Employers Can:
- Update their old POP Plan Documents
- Allow employees to pre-tax deduct HSA contributions.
- Save matching FICA on every dollar withheld pretax.
- Have online access to Documents
- Have online access to custom employee documents
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