In addition to your payroll service, PMI offers a completely integrated Section 125 Medical and Dependent Care Reimbursement program. Our clients do not have to worry about transmitting data or funds to a third party administrator. Pretax medical and dependent care contributions are taken directly from your employee’s payroll checks. PMI validates your employee’s claims and cuts checks written off of PMI’s account on a weekly basis. There is nothing for our clients to do on their end!
This service allows your business and its employees to benefit from the advantages of compliantly using pre-tax dollars to pay for insurance premiums, as well as medical expenses not covered under a health plan. Deductibles, prescriptions, and even certain over the counter medicines may qualify for your employees to use pre-tax dollars resulting in a great savings opportunity. These plans also can be a great tax savings vehicle for your business since no FICA match is required on dollars passed through these IRS compliant accounts. To learn more about the advantages of implementing a PMI Section 125 plan, simply contact a PMI account executive.
PMI offers the following services:
- Premium Only Plans - Allows employees to pay their share of premiums for health or other group insurance with pretax dollars, saving your company and employees money!
- Medical Reimbursement Plan - Employees can use pretax dollars to pay for medical and health expenses not covered by insurance. See IRS Publication for list of qualified expenses.
- Dependent Care Plan