PayChoice has partnered with industry leader MHM Resources to bring you the EasyChoice® take care program. The take care program enables you to offer Section 125 Pre-Tax plans to your clients. Section 125 Plans allow for the use of pre-tax money to pay for specific medical expenses, as well as certain benefits.
Pre-Tax plans typically come in the following two basic forms:
Premium Only Plans
Premium Only Plans (POP) reduce employee and employer taxes. By paying their share of group insurance premiums with tax-free dollars, employees save 25% to 40% depending on their tax bracket. Employers typically save on the matching Social Security (FICA) and Federal unemployment taxes of nearly 8%. In many cases, the employer’s tax savings can actually pay for the plan administration!
Flexible Spending Account Plans
Sometimes they are referred to as cafeteria plans, flex plans, section 125 plans, or FSAs. However you refer to it, our Flexible Spending Account Plans include the benefits of a POP, and let employees set aside a certain amount of each paycheck into a healthcare reimbursement account — before paying income taxes.
Debit Cards
Additionally, EasyChoice® take care flex plans include the take care debit card. With the take care debit card, participants can pay qualified expenses directly from their flex accounts. Employees appreciate the card option because they don't have to reach into their pocket to pay qualified expenses and then wait for a reimbursement.
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