Explore the Benefits of FICA SAVE with a Cafeteria Plan Approach

What is FICA SAVE?
FICA SAVE, managed under a cafeteria plan framework, is a cutting-edge Preventative Disease and Health Management Program. It delivers significant benefits without net costs to employers and employees and complements your existing benefits seamlessly, without affecting your current insurance arrangements.

Operational Dynamics of FICA SAVE
Embracing the goals of the 2012 Affordable Care Act, FICA SAVE leverages the capabilities of cafeteria plans, also known as Section 125 plans. Introduced in 1978, these plans enable pre-taxing of health insurance premiums and related costs, providing a suite of unmatched benefits.

Joining FICA SAVE: What’s in It for You?

• Employees Get:
  • A full-fledged Hospital Indemnity Plan.
  • An increase in take-home pay that’s hard to overlook.
• Employees and Families Enjoy:
  • Endless access to Virtual Care, spanning Primary Care to Dermatology.
  • Health Risk Assessments and Metabolic Screening.
  • A cost-free Prescription Program featuring over 2,900 medications.
  • A comprehensive Savings Network, inclusive of Dental, Vision, and more.
• Employers Gain:
  • An effective Recruitment and Retention strategy.
  • Considerable FICA Tax Savings, with an average of $700 per employee each year.

Eligibility for FICA SAVE
FICA SAVE’s inclusive nature means all employment types are welcome to participate. The program’s criteria focus on income and tax deductions, and our specialized tax analyzer tool determines eligibility, ensuring an uplift in take-home pay for those who qualify.

Enrollment Made Easy
FICA SAVE streamlines enrollment through payroll integration, reducing administrative tasks. It utilizes an Auto-Enrollment mechanism to place employees into appropriate plans, with the liberty to opt out, maintaining autonomy and preference.

Boosting Employee Earnings
The initiative introduces two enhancements to employee paychecks: a pre-tax premium deduction and a claims payment. This dual approach generally leads to increased net pay. Engaging in health management practices, like our Health Coaching Newsletters, activates the claims payment.

Understanding FICA Tax Savings for Employers
Employers also see benefits as reduced taxable wages for employees mean decreased FICA taxes, while still contributing the standard rate on a lower wage base.

Sustaining FICA SAVE
The program sustains itself via the tax savings it generates, ensuring no initial costs for participants and covering expenses through these savings.

Implementing FICA SAVE
Our thorough internal education process for both staff and management ensures a smooth rollout, optimal understanding, and the best possible outcomes from FICA SAVE.