Dropping Health Plan: Use Pre-Tax Dollars to Soften the Blow and Save Payroll Taxes
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Met with CIGNA individual health product reps today. One new item of value for small/medium employers. If an employer plans to drop an existing employer sponsored group health plan and feels a significant number of its employees will subsequently seek individual health coverage, BBCG can now set up a method whereby individual coverage is purchased with pre-tax dollars. Employer saves the payroll taxes on the dollars not expended as payroll per se. This can be a very significant number for a moderately sized employer. It also allows a “soft landing” for employees who are losing employer subsidized coverage by lessening the cost by the personal tax liability amount and by showing an on-going concern for the welfare of the workforce. Click here to email BBCG for more information.
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