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Premium only plans are, by their nature, simple and transparent. Our BESTflexSM Plan Premium Only administration is just that -- with an added touch of security through our Compliance services.
Participants can pay for many types of premiums on a pre-tax basis with the BESTflex Plan Premium Only.
Medical, dental, vision, group term life (employee only, up to $50,000), cancer and accident and disability insurance premiums are all eligible.
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Participants and employers can also use the plan to make pre-tax contributions – although state taxes apply in some cases – to Health Savings Accounts.
Our in-house Compliance team completes required annual Nondiscrimination Testing for BESTflex Plan Premium Only clients. The employer simply provides basic plan data, and we perform the testing and highlight any issues that need to be corrected.
Our Compliance team also ensures that the employer's master Plan Document is up to date and always available.
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Maintaining a master Plan Document and performing Nondiscrimination Testing are both important aspects of a compliant Section 125 premium only plan, and only a compliant plan upholds its tax-advantaged status.
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