Flexible Spending Accounts and Consumer Driven Health Care - PrimeFlex
See How a Pre-Tax Account Can Benefit Your Business
Due to rising costs, nearly 1 out of 3 employers are increasing their employee's share of health care costs through increased premiums, deductibles and co-pays. Many small and medium-sized businesses struggle with trying to provide their employees with valuable health benefits. Looking for ways to lower the expense of medical benefits? PrimePay can show you how to save money by paying for health care expenses with pre-tax dollars.
Flexible compensation plans - also known as pre-tax health care accounts - provide relief from the pressure of rising health care costs by allowing employees to pay for certain insurance premiums and medical expenses with tax-free dollars. View all the options you need to get started with the best pre-tax health care plan that works for your company's needs.
Options for Pre-Tax Health Account Plans Include:
- Premium Only Plans (POP) - reduce your company's taxable payroll by reducing your employees' taxable income... so you both pay less in taxes
- Flexible Spending Accounts (FSA) - allow employees to set aside a certain amount of pre-tax dollars to pay for qualified medical and dependent care expenses
- Health Reimbursement Arrangements (HRA) - allow an employer-funded account to repay the unreimbursed medical expenses of employees as they submit claims
- Health Savings Accounts (HSA) - act like a 401(k) plan for health care giving employees the ability to set aside tax-exempt funds to pay for current and future health care expenses
A Flex Plan Offers Your Business Many Advantages
- Reduces payroll costs - Saves you thousands of dollars in payroll taxes a year depending on the size of your company
- Increases employee's benefits and take home pay since insurance premiums and medical co-pays and expenses are paid for pre-tax
- No increase in employer contributions for employee benefits
- Online access for employees and employers to account information, resource materials and forms
These health care plans provide incredible tax saving opportunities for you and your employees. Employees that participate in these programs can expect an increase in their purchasing power without costing you more money.
Availability of this business service may vary by state.