It is a tax reduction plan, not an insurance plan. The Premium Only Plan allows employees to pay for their portion of benefit plan costs on a before tax basis.
Group healthcare, dental care, vision, group term life under $50,000.
On average, the employee savings will be approximately 30% and employer savings 7.65% of the employee contributions for benefits.
No. The tax savings are created by the employee’s contributions for insurance. As long as the plan does not favor key executives and owners, there is no minimum number of employees necessary in order to have a plan.
Any employee enrolled in one of the group benefits listed above and paying for a portion of their coverage through their payroll.
Generally, employers will payroll deduct an employee’s portion of the benefit plan costs right out of his or her paycheck. The benefit cost is deducted AFTER taxes have been taken out of the employee’s paycheck. What this means is that LESS taxes are taken out of the employee’s paycheck. Less taxes means MORE MONEY in the employee’s pocket.
In addition, many states require having a Premium Only Plan in place when offering group benefits.
No. It does not matter where or what medical benefits are available to you. It only matters that the employee is paying for some portion of their benefits.
No. Only those employees who have premiums for which they would like to save on taxes should consider participation.
As soon as you decide to begin saving for yourself and your employees.
Advanced Benefit Strategies
30 Mill Street
Unionville, CT 06085
Advanced Benefit Strategies, Inc. Recognized by WEX for Outstanding Achievements
Earns Marketing Innovator Award
Unionville, CT — May 17, 2022 — Advanced Benefit Strategies, Inc. has been honored by WEX (NYSE: WEX) with a 2021 Partner Award for outstanding business achievements. Advanced benefit Strategies, Inc. recently received the Partner Award for Marketing Innovator from WEX, the global commerce platform that simplifies the business of running a business.
Advanced Benefit Strategies, Inc. was selected for this award because of its efforts in working with WEX to reach — and surpass — new heights in the consumer-driven healthcare market. Advanced Benefit Strategies, Inc. utilizes innovation and creativity to increase plan adoption and revenue generation.
The Partner Awards, established in 2008, are presented yearly and recognize WEX partner organizations that have achieved extraordinary notable accomplishments. Award recipients were recognized for reaching significant milestones in 2021 across several areas including growth, advocacy, leadership, innovation, and customer service as well as overall outstanding partner successes.
The 2021 Partner Awards were presented in nine categories: Sales Innovator, Service Innovator, Marketing Innovator, Visionary, Leadership, COBRA Partner of the Year, CDH Platform Partner of the Year, New Partner of the Year, and Partner of the Year.