Section 125 Insurance Plans Chicago
A Section 125 Plan (also known as a Cafeteria Plan) is an excellent way to provide health insurance benefits for your employees. Named for Title 26, Section 125 of the United States Codes, this popular type of health insurance plan allows your employees to pay for their protection with pre-tax dollars. Contributions made to a Section 125 Plan are not subject to federal tax, social security deductions or state income tax. Other advantages you gain by selecting a cafeteria plan include:
- Lower Monthly Health Insurance Costs for Businesses
- Employees Pay Their Portion of Benefits Premiums
- Saves Your Business Matching FICA Contributions
- Reduced Payroll Means Lower Workers' Comp Costs
If you are a business owner in the Chicago, Rockford or Milwaukee area, Murray Insurance & Financial Services can help you decide if a Section 125 health insurance plan works for your company. The costs of a cafeteria plan for the employer are for administration of the plan and assurance of compliance with Illinois and Wisconsin regulatory mandates. Give us a call at 888-817-2837 to speak directly with an agent about a Section 125 Insurance Plan.