HRA Benefits, Health Savings Account (HSA), Premium Only Plan (POP), and More In Palm Beach, FL, and Charleston, WV, including Huntington, Parkersburg, Morgantown, Beckley, WV, and the Surrounding Areas
Save on your annual taxes!
Did you know that by offering group health insurance, HRA benefits, a Health Savings Account (HSA), or a Premium Only Plan (POP), you may be eligible for significant tax breaks that could save your business thousands of dollars per year? Mark E. Snapp & Associates can help you understand the tax benefits available for Charleston, WV, employers. We also serve businesses in Morgantown, Huntington, Parkersburg, Beckley, West Virginia and Palm Beach, Florida, and all surrounding counties.
An HRA (Health Reimbursement Arrangement), as the name implies, allows employers to reimburse employees for their medical expenses through the group plan. These reimbursements are typically tax-free.
Health Savings Account (HSA)
If you cover employees under a High-Deductible Health Plan (HDHP), you may offer a Health Savings Account (HSA) to help them save on the following covered expenses such as medical, Rx, dental & vision, long-term care & Part B medicare and COBRA premiums.
- Contributions go in tax free, grow tax free and distributions are tax free for the above qualified expenses.
- Both employees and employers can make contributions to an HSA.
- HSAs are a smart way to boost employee satisfaction because their unused account balances carry forward at the end of each year.
- In 2023, the maximum HSA contribution is $3,850 for an individual and $7,750 for families in addition the catch-up clause for those over age 55 can contribute an addition $1,000 into their account
- Better than a 401K with all of the tax savings with employer tax savings of 7.45% and employee tax savings are based on their individual tax rate.
Premium Only Plan (POP)
A Section 125 Premium Only Plan (POP) provides employer & employee tax savings while allowing employers to make pre-tax deductions on group medical, vision, dental, disability, term life insurance and Health Savings Account contributions thru payroll deduction.
Through a POP, employees can pay employer-sponsored premium payments on a pre-tax basis, which increases their take-home pay thru additional tax savings.
Employers are responsible for establishing and maintaining the plan, but a POP is still worthwhile because the potential for tax savings is significant. As an example, for every employee who contributes, you’ll save up to 7.65% in Federal Insurance Contributions Act (FICA) taxes and the employee has their tax savings too!
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