New Health Care Premium Reimbursement Plan by Base Allows for Tax Savings of Individual Health Insurance Premiums
Des Moines, IA, December 31, 2008 --(PR.com)-- New option in cafeteria plan could save business owners and employees thousands.
New Health Care Premium Reimbursement plan by Base allows for tax savings of individual health insurance premiums.
January 1, 2009, proposed regulations go into effect that will enable businesses that do not offer group health care to help employees with the cost of rising insurance premiums. With the current recession, this is good news for both employees and employers.
If an employer sponsors a cafeteria plan, the employee can now elect to have premiums for an individual insurance plan be deducted from their paycheck pre-tax. In order to qualify for premium reimbursement, the employee will provide proof the insurance was purchased on an individual basis; it cannot be tied to a group plan in any way. It may be more cost effective for a business to offer this option through a cafeteria plan rather than purchasing group health coverage. The employee is able to save on taxes while still having the freedom to choose an insurance plan that works best for them on an individual basis.
BASE is an employee benefits administration firm based in Adel, Iowa and their mission is to save both businesses and employees money by offering well-packaged benefit plans and excellent customer service. Adding the Health Care Premium Reimbursement option to their cafeteria plan administration will allow businesses to be able to help employees with health care costs. BASE President, Terry Harrington, explains the potential savings:
“Since the Health Care Premium Reimbursement option allows an employee to choose their own insurance plan and pay for it on a pre-tax basis, that already saves the individual about 25%. The employee is well-covered with insurance and the business owner doesn’t pay the overhead associated with offering a group health plan. Both parties save valuable dollars.”
To learn more about the Healthcare Premium Reimbursement Plan contact BASE at 888-309-8012.
About Base
Established in 1999, BASE is on of the nation’s leading employee benefit administrators. BASE offers a variety of tax savings and benefit plans for small businesses, including the 105 Health Reimbursement Arrangement (HRA) and the 125 Flexible Spending Account (FSA). To find out more about HRAs, FSAs and other employee benefit plans visit www.baseonline.com or contact a benefit specialist at 888-309-8012.
Contact: Shawndi Filby, BASE
Phone: 1-888-227-3105
Email: shawndi@base105.com.
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New Health Care Premium Reimbursement plan by Base allows for tax savings of individual health insurance premiums.
January 1, 2009, proposed regulations go into effect that will enable businesses that do not offer group health care to help employees with the cost of rising insurance premiums. With the current recession, this is good news for both employees and employers.
If an employer sponsors a cafeteria plan, the employee can now elect to have premiums for an individual insurance plan be deducted from their paycheck pre-tax. In order to qualify for premium reimbursement, the employee will provide proof the insurance was purchased on an individual basis; it cannot be tied to a group plan in any way. It may be more cost effective for a business to offer this option through a cafeteria plan rather than purchasing group health coverage. The employee is able to save on taxes while still having the freedom to choose an insurance plan that works best for them on an individual basis.
BASE is an employee benefits administration firm based in Adel, Iowa and their mission is to save both businesses and employees money by offering well-packaged benefit plans and excellent customer service. Adding the Health Care Premium Reimbursement option to their cafeteria plan administration will allow businesses to be able to help employees with health care costs. BASE President, Terry Harrington, explains the potential savings:
“Since the Health Care Premium Reimbursement option allows an employee to choose their own insurance plan and pay for it on a pre-tax basis, that already saves the individual about 25%. The employee is well-covered with insurance and the business owner doesn’t pay the overhead associated with offering a group health plan. Both parties save valuable dollars.”
To learn more about the Healthcare Premium Reimbursement Plan contact BASE at 888-309-8012.
About Base
Established in 1999, BASE is on of the nation’s leading employee benefit administrators. BASE offers a variety of tax savings and benefit plans for small businesses, including the 105 Health Reimbursement Arrangement (HRA) and the 125 Flexible Spending Account (FSA). To find out more about HRAs, FSAs and other employee benefit plans visit www.baseonline.com or contact a benefit specialist at 888-309-8012.
Contact: Shawndi Filby, BASE
Phone: 1-888-227-3105
Email: shawndi@base105.com.
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