For employers, offering employee benefits is a great way to attract and retain top talent. However, administering these benefits can be a complex and time-consuming task.
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It is a type of cafeteria plan that allows employees to pay for certain qualified benefits, such as health insurance premiums, with pre-tax dollars. This means that the amount of money employees contribute to their benefits is deducted from their gross pay before taxes are calculated, which can result in significant tax savings for both employees and employers.
In addition to health insurance premiums, other qualified benefits that can be paid for with pre-tax dollars through a Premium Only Plan include dental and vision care, dependent care assistance, and medical expenses not covered by insurance.
Employers can also benefit from offering a Premium Only Plan, as it can help reduce their payroll taxes and potentially lower their overall benefits costs.
This means that employees can save money on their taxes by deducting the amount they contribute towards their benefits from their gross pay before taxes are calculated.
The benefits that can be covered by a Premium Only Plan include health insurance premiums, dental and vision care, dependent care assistance, and medical expenses not covered by insurance.