EHP Smart Benefits’ Post

As an employer, you’re always looking for ways to cut costs while still offering quality benefits to your dedicated team. The Essentials Health Plan (EHP) is here to help you do just that! Leveraging tax codes introduced by the Affordable Care Act in 2013, EHP presents an innovative approach to healthcare benefits, bringing significant tax savings for your organization. With EHP, you can expect: ✅ An average of $900 in FICA payroll tax savings per participating employee annually ✅ Immediate financial improvements to your bottom line ✅ Full ACA compliance, meeting requirements for a Minimum Essential Coverage (MEC) Program These tax savings can add up quickly. For instance, if you have 50 employees enrolled in EHP, your business could save around $45,000 each year on FICA payroll taxes alone! And that’s not all. EHP can also reduce your Workers Comp costs by up to 30%. All these cost-saving benefits come without changing your current insurance setup or requiring any investment. Your employees will enjoy comprehensive coverage, including 24/7 Telehealth access, dental & vision, supplemental benefits, and more, without any reduction to their take-home pay. #EmployeeBenefits #TaxSavings #FICASavings #Section125 #AffordableCareAct #EssentialsHealthPlan #HealthcareBenefits #AffordableHealthcare #WorkforceBenefits #BenefitsPackage #EmployeeWellness #WorkplaceWellness #HealthyEmployees #HealthyWorkforce #EmployerHealthcare #ACACompliance #ReduceHRCosts #CostEffectiveBenefits #InnovativeBenefits #HRSolutions

As an employer, you’re always looking for ways to cut costs while still offering quality benefits to your dedicated team. The Essentials Health Plan (EHP) is here to help you do just that! Leveraging tax codes introduced by the Affordable Care Act in 2013, EHP presents an innovative approach to healthcare benefits, bringing significant tax savings for your organization. With EHP, you can expect: ✅ An average of $900 in FICA payroll tax savings per participating employee annually ✅ Immediate financial improvements to your bottom line ✅ Full ACA compliance, meeting requirements for a Minimum Essential Coverage (MEC) Program These tax savings can add up quickly. For instance, if you have 50 employees enrolled in EHP, your business could save around $45,000 each year on FICA payroll taxes alone! And that’s not all. EHP can also reduce your Workers Comp costs by up to 30%. All these cost-saving benefits come without changing your current insurance setup or requiring any investment. Your employees will enjoy comprehensive coverage, including 24/7 Telehealth access, dental & vision, supplemental benefits, and more, without any reduction to their take-home pay. #EmployeeBenefits #TaxSavings #FICASavings #Section125 #AffordableCareAct #EssentialsHealthPlan #HealthcareBenefits #AffordableHealthcare #WorkforceBenefits #BenefitsPackage #EmployeeWellness #WorkplaceWellness #HealthyEmployees #HealthyWorkforce #EmployerHealthcare #ACACompliance #ReduceHRCosts #CostEffectiveBenefits #InnovativeBenefits #HRSolutions

Hot off the press! IRS Releases Health FSA Limit for 2025 On Oct. 22, 2024, the IRS released Revenue Procedure 2024-40 (Rev. Proc. 24- 40), which includes the inflation-adjusted limit for 2025 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2025, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,300. This is a $100 increase from the 2024 health FSA limit of $3,200. The maximum carryover amount is adjusted annually for inflation. For 2025, Rev. Proc. 24-40 increases the maximum carryover limit to $660 (from $640 for 2024) https://lnkd.in/grya2JvA We making switching benefit administrators easy. Call us today at (847)586-2239. #Openenrollment #Benefitsadministration #HRtransition #HSA #FSA #HRA #Employeebenefits #FirstAmBank #MemberFDIC #Taxsavings #Business Bradley Huff Russell Johnson

🚨 Are You Leveraging Section 125 to Save on FICA Taxes?🚨 If you're not familiar with the Preventative Care Management Program (PCMP), it’s time to catch up! This ERISA-qualified program is a game-changer for businesses looking to enhance employee wellness while saving on taxes. Here's the deal: By integrating PCMP with a Section 125 Cafeteria Plan, you can pre-tax your wellness plans, creating significant tax savings for both your business and your employees. We're talking an average of $650 in payroll tax savings per W-2 full-time employee each year—with no out-of-pocket costs! 💸 Why is this important? - For Employers: Boost your working capital and reinvest in your business. - For Employees: Access valuable wellness benefits like telehealth, counseling, and more, with no added costs. - For Everyone: Keep more money in your pocket and improve overall well-being. Curious about how to get started? The program is easy to implement and works seamlessly alongside your current health insurance plan. With benefits that extend to spouses and dependents, it's a no-brainer. Take the first step today and see how the PCMP and Section 125 can transform your business. Let's make those payroll tax savings work for you! DM me to start a convo!! #TaxSavings #EmployeeBenefits #FICATaxes #Section125 #PCMP #BusinessGrowth #WellnessPrograms

💼 Tax Advantages of FSAs 💼 Contributions to flexible benefits plans, dependent spending accounts, or healthcare spending accounts are usually made as a salary reduction, resulting in lower income tax liabilities for employees. This tax advantage makes FSAs a valuable component of comprehensive employee benefits packages. #FSA #TaxBenefits #EmployeeBenefits #FinancialWellness #taxadvantage #benefitsplan #healthcarespending

KNOW WHEN TO TAKE YOUR REQUIRED MINIMUM DISTRIBUTION (RMD) With the SECURE Act of 2019, anyone born on or after July 1, 1949, will have to start taking annual RMDs during the year they turn 72. The recently passed SECURE Act 2.0 once again changed the start age for those individuals born between 1951 and 1959 who must now begin taking annual distributions from their IRA the year they turn 73. Generally you must take your RMD by December 31 of the year it is due. However, for the first year you are required to take a distribution, the IRS permits you to take your first RMD by as late as April 1 of the next year – this is known as the required beginning date. The RMD requirement applies to all account owners of traditional IRAs, SEP IRAs, SIMPLE IRAs and employer-sponsored plans. There is an exception for some individuals to delay taking RMDs from an employer plan if they are still working, known as the "still working exception." To qualify, the employer plan must be from the employer with whom you are still employed, you cannot be a 5% owner of the business, and the plan document must allow for the still working exception. If you meet these criteria, you may delay taking your RMD from that employer plan until the year you retire. Again, the IRS permits you to delay taking that first RMD until April 1 following the year you retire.

3 things that can affect your client's tax savings in group health plans: 1) the headcount 2) the health coverage spend of the employees, and 3) the combo of coverage they offer. Most small companies don't offer anything and they are literally leaving profit on the table. My suggestion would be to start with a cafeteria plan that gives the employees options: an HSA being one of them. This setup enables: 1) employees pay insurance premiums tax-free (under certain setups) 2) Dependent care is tax-free (up to $5k/yr) 3) triple tax savings on HSA for employee (contributions are tax-free, they grow tax free, & withdrawals can be done tax free) and contributions are payroll tax free for the employer and employee 4) the employer can still take the 45f tax credit #tax #cpa #grouphealthplan #doesanyoneactuallyreadthese

Government Employees: 3 Benefits Strategies That Could Boost Your Financial Future! Too many government employees overlook the power of their benefits for building wealth. Here's where we see the most potential: ✅️ Fully Utilizing Flexible Spending Accounts (FSA's): FSAs allow pre-tax deductions for qualified healthcare or dependent care expenses. However, many employees fail to use their full FSA allocation, essentially forfeiting those tax savings. Strategically planning eligible expenses and maximizing your contributions can result in significant savings. ✅️ Leveraging Employee Assistance Programs (EAP's): Many government agencies offer EAPs providing resources for various aspects of well-being. These can include financial counseling, legal guidance, mental health services, and more. Utilizing these often-free programs can address concerns that could otherwise be costly to manage alone. ✅️ Negotiating for Non-Salary Benefits: During job offers or performance reviews, don't focus solely on salary. Negotiating for things like additional vacation time, flexible work schedules, professional development funding, or even commuting subsidies can significantly improve quality of life and offer valuable financial advantages. What are your top questions about maximizing government benefits? Let's start a discussion in the comments 👇️ #governmentemployees #maximizebenefits #financialsuccess #waterstreetfinancial

Section 125 plans, also known as cafeteria plans, present a powerful opportunity for employers and employees to enjoy significant tax savings. Employees can effectively reduce their taxable income by using pre-tax dollars for qualified expenses like health insurance. Employers also benefit from lowered payroll taxes, as contributions to these plans are not subject to FICA and FUTA taxes. Furthermore, offering these plans can improve employee satisfaction and retention by providing flexible and valuable benefits. Section 125 plans promote financial efficiency and employee well-being, creating a win-win situation for employers and employees, making them a compelling option to consider. Find out how you and your employees can benefit: https://lnkd.in/evVE7Qg3 #employeebenefits #125plans #cafeteriaplan #taxsavings #smb

CFO's this is a huge tax saver! If you aren't currently using a section 125 plan deduction for your employees pay I can help you save $650 a year (per employee) on your FICA tax as well as give your employees additional benefits at  ZERO cost to you or them!  Contributions to cafeteria plans are withheld on a pretax basis, thereby lowering taxable income, which means employees pay less in federal income tax and Medicare and Social Security taxes. Pretax deductions also reduce the employer portion of Federal Insurance Contribution Act (FICA) taxes and the amount businesses owe in federal unemployment tax. The deduction the then offset with a Wellness PLan credit to put the employee back at prior pay levels while funding a host of wellness benefit options including guaranteed issue universal life insurance! ALL AT NO COST TO ANYONE!  The program I have does not replace or disrupt any medical or supplemental plan you currently have in place, just ENHANCES what you have with FANTASTIC savings and additional benefits! Message me for more info!