Business Insurance Products:Voluntary Employee Benefits – Section 125 Flex Plan
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Under IRS Code Section 125, an eligible employee may pay for certain eligible expenditures with pre-tax dollars. How does this save money? Your employees have lower taxable income and pay less in federal, state and local income taxes. And you can realize significant savings through lower FICA and other applicable tax matching contributions. The more employees who enroll under Section 125, the more you save.
Eligible benefits include group health, group life (to $50,000), cancer/specified disease, accident, critical illness, dental, supplemental health options policy (SHOP) and disability. Social Security, Federal and State Income Tax are reduced for employees. Employers save on matching FICA contributions.