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Section 125 Plan Document

Unlock significant tax savings with Life Strong Care's Section 125 plan documents. Our innovative approach ensures compliance with IRS regulations, offering employees supplemental coverage options such as Universal Life and Short-Term Disability. With over a decade of experience, we provide customized, cost-effective solutions that enhance your benefits package and improve your company's bottom line. VISIT US: https://www.lifestrongcare.com/#about-us

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Section 125 Plan Document

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  1. Section 125 Plan Document: Life Strong Care Unlock significant tax savings with Life Strong Care's Section 125 plan documents. Our innovative approach ensures compliance with IRS regulations, offering employees supplemental coverage options such as Universal Life and Short-Term Disability.

  2. Understanding Section 125 Plans Cafeteria Plan Also known as a Cafeteria Plan. Pre-Tax Basis Allows employees to pay for qualified expenses pre-tax. Reduces Income Reduces taxable income for employees and the employer. Governed by Law Governed by Section 125 of the Internal Revenue Code.

  3. Key Components of Life Strong Care's Plan Plan Sponsor Life Strong Care is the plan sponsor. 1 Eligibility Full-time employees are eligible after 30 days of employment. 2 Plan Year A 12-month period, typically January 1 - December 31. 3 Election Process Outlines how employees enroll and make benefit elections. 4

  4. Benefits Offered Under Our Plan Flexible Spending Accounts (FSAs) Health FSA for medical expenses. Dependent Care FSA for dependent care. Health Savings Accounts (HSAs) Pre-tax contributions to employee owned accounts dedicated to medical costs. Premium Only Plan (POP) Pay health insurance premiums pre- tax.

  5. Tax Advantages for Employees Reduced Taxable Income Lower federal, state, and Social Security taxes. Increased Take-Home Pay More money in your pocket due to tax savings. Affordable Healthcare Making healthcare costs more manageable.

  6. Employer Benefits of Sponsoring Increased Retention Attractive benefits improve satisfaction. Reduced Payroll Taxes Lower employer-side taxes. 1 2 Cost Savings 4 Competitive Edge Attract and retain top talent. 3 Potential for lower insurance premiums.

  7. Compliance and Administration Non-Discrimination Testing Ensures fairness for all employees. 1 Annual Reporting Filing Form 5500 with the IRS, if applicable. 2 Document Maintenance Keeping the plan up-to-date with legal changes. 3

  8. Partner with Life Strong Care Today! Contact us to learn more about our Section 125 Plan and other benefit solutions. Phone: (323) 452-2787 Website: https://www.lifestrongcare.com/ Address: 7901 4th St N #19820, St. Petersburg, FL

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