125 Tax Plans
What is a 125 Tax Savings Plan?
Almost every employee contributes to their health insurance coverage and, in many cases, optional benefits such as vision, dental, cancer, or life insurance. A 125 Tax Savings Plan allows employees to allocate a portion of their earnings to an account that can be used to pay these premiums with pre-tax dollars.
These plans can also cover other qualified health-related expenses, including medical supplies, eyewear, contact lenses, and more.
Managing the 125 Qualified Plan
Professional Benefit Solutions facilitates the management of your 125 Plan, ensuring that employee deductions are accurately handled and that the processing of qualified reimbursements runs smoothly. This seamless administration allows employees to fully utilize the benefit without adding administrative responsibilities to your human resources staff.
Our Customers
“One of the benefits the CEO asked me to look at was whether we could set up a 125 Tax Plan so that everyone could contribute what they felt they would need and then repay themselves tax free for qualified expenses. I had to get up to speed in a hurry and knew that it was something that would be good for our employees, but that I didn’t have the ability to organize it and manage the reimbursements inside the HR office.
Professional Benefit Solutions was able to not only set up a 125 Tax Plan for us, but they also help employees decide how much they should contribute and then they manage getting everyone paid quickly as the submit claims. This has been a great addition for our employees. PBS made my office look really good!”
– Margaret, HR Director