Savings for the Employee and the Firm
There are hundreds of different health insurance plan designs for employers of any size. Even the most comprehensive plans have the potential for out of pocket medical expenses for the employee. Firms need to know about ways that their owners and employees can take advantage of tax advantaged ways to pay for these expenses. Pre-tax contributions into cafeteria plans can allow great savings to the employee and the firm.
Utilizing plans such as Flexible Spending Accounts, Health Savings Accounts and Medical Expense Reimbursement Plans may add value to other benefits such as dental and health insurance plans. Additionally, business owners may be able to fund specific expenses that may personally be important, such as orthodontics or vision corrective surgery.