Our Newest Service: Premium-Only Plans
1/4/2012
Click here to download our Premium-Only Plan flyer.
With a premium-only plan (POP), employers can save 7.65% of every dollar spent on employee benefits.
Ease of Implementation
GBL manages all of the implementation steps for your POP (and insurance plan). We streamline your enrollment and administration and assist with the following POP documents:
- Flexible Benefit Plan Documents
- Summary Plan Descriptions
- Salary Reduction Agreements
Liability and Compliance Checks
Our experts ensure your POP documents comply with IRS updates each year, removing your liability. We help maintain and amend plan documents, distribute Summary Plan Descriptions to employees, and ensure your plan complies with open enrollment, participation, and non-discrimination rules.
Save Money and Time
We recognize the importance of managing your budget. We offer low-cost plans and work with you to make sure you get your money back in tax savings. In addition, working with the same experts that manage your insurance plan is convenient and cost-effective.
Tax Benefits of a Premium-Only Plan
Annual Employer Tax Savings:
| | Without POP | With POP |
| Payroll | $300,000 | $300,000 |
| Premiums | After-tax | ($28,800) |
| Taxable Payroll | $300,000 | $271,200 |
| FICA (7.65%) | $22,950 | $20,747 |
Tax Savings
| $0
| $2,204
|
Annual Employee Tax Savings:
| | Without POP | With POP |
| Salary | $20,000 | $20,000 |
| Premiums | After-tax | ($2,400) |
| Taxable Income | $20,000 | $17,600 |
| Income Tax | $5,730 | $5,042 |
Tax Savings
| $0
| $668
|
Get started today! Call GBL's POP consultant, Carl Lingen, at (800) 640-7382 x474.
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"GBL's services are always very informative and straight to the point. They are willing to explain the health coverage to each of our employees and answer all of their questions."
Maureen –
Small Business Owner