Employer savings example
This company saved $4,131 in annual payroll expense with the Premium Only Plan. The company had 30 employees with an average annual compensation of $40,000. Each employee contributed $150 per month toward the medical premium.
Benefits of the plan
Tax savings without a big administrative cost
SelectAccount can help get you started. Our services include:
Give employees the tools to manage their account.
Your employees can manage their account anytime, anywhere by signing in at www.SelectAccount.com.
Our Premium Only Plan saves you and your employees tax dollars by allowing employees to pay for their portion of employer-provided health and/or dental plans with pre-tax dollars. By using pre-tax dollars, employees will see their take-home pay increase. You save too, since your taxable payroll decreases. This is an Internal Revenue Code (IRC) Section 125 plan.