Tax free individual health insurance allows employers and employees to take a tax deduction on employees’ payments for individually purchased health insurance products.
The general concept of tax free individual health insurance is that a company allows each employee to voluntary elect to reimburse themselves (tax free) for individually purchased health insurance policies. Employee generally save 20-40% of their health insurance costs in taxes, while employers save 7.65% on every dollar.
Tax free individual health insurance is the ideal benefit solution for employers that:
Do not offer health insurance
Have part-time employees who are not eligible for the group plan
Have employees who want to purchase individual dental, vision and critical illness on pretax basis.
Have employees who want to pay COBRA premiums on pretax basis.
Learn how an HRA works for employers in our latest webinar
Watch the recording today, and learn how an HRA can help your organization.
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Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. PeopleKeep, Inc. does not sell health insurance.