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Premium Contribution Plan - PC EZ

Premium Contribution Plan allows employees to have their premium for a qualified group plan reduced from their income on a pre-tax basis. Qualified group plans include medical, dental and vision premiums, as well as disability, and special cancer or hospital indemnity policies. The premium payments are deducted from the employee’s income and paid directly to the insurance carrier via the employer. This is not a reimbursement account.

How does it work?

If an employee elects to enroll in the Premium Contribution Plan, the premium for qualified benefits will be deducted from their income each pay period. As with your current process, you will then send premiums to the carrier(s) each month. The difference is the employee’s portion is deducted from their income on a pre-tax basis. Since the premiums are sent directly to the carrier(s), funds are not forfeited at the end of the year.

Like a Flexible Spending Account, employers and employees still save money each month because taxes are reduced.

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