Employer savings example
|With Further||Without Further|
|Annual payroll (30 employees x $40,000)||$1,200,000||$1,200,000|
|Employee POP contribution (30 employees x $150 x 12 months)||$1,200,000||$1,200,000|
|Net payroll subject to payroll expense||$1,146,000||$1,200,000|
|7.65% payroll expense (FICA)||$87,669||$91,800|
|Payroll expense savings||$4,131||None|
This company saved $4,131 in annual payroll expense with the Premium Only Plan. The company had 30 employees with an average annual compensation of $40,000. Each employee contributed $150 per month toward the medical premium.
Benefits of the plan
- Easy to implement and administer
- Saves tax dollars
- Can be used with any group health or dental plan
- No risk of loss
- Helps ease employee cost sharing
Tax savings without a big administrative cost
Further can help get you started. Our services include:
- Providing plan document and Summary Plan Description drafts
- Performing IRS nondiscrimination testing
- Offering employee communication materials and form
Give employees the tools to manage their account.
Your employees can manage their account anytime, anywhere by signing in at www.hellofurther.com.