Our Services
Cafeteria Plans
Save Employee and Company Money, Increase Employee Loyalty
A Cafeteria Plan enables your employees to set aside tax-exempt money every payday for medical, dependent care and insurance costs. Even better, employers who introduce a Cafeteria Plan find the added benefit increases worker loyalty and administration costs of the plan tend to be offset by a reduction in the company’s tax and FICA match liability.
Why Polycomp?
- Complete plan design and setup are available
- Educational materials are part of the package
- Fast claim processing and reimbursement
- No separate account required - reimbursement checks and direct deposits come from our reimbursement account
- Direct deposits
- Online account access
- Discrimination testing available
- Form 5500 administration available
Non-Insured Medical Expenses? They’re Covered
Now employees can pay both insured and non-insured benefits with tax-free Cafeteria Plan dollars.
| The range of expenses is broad, including: |
- Over-the-Counter medications
- Prescription medications
- Insurance benefits and Co-pays
- Some alternative medical care fees, such as Chiropractic or Acupuncture
- Medical equipment
- Medical and hospital bills
Show me the types of benefits that are available |
It's Easy
- Once a year, employees select the benefits they want from the Cafeteria Plan list.
- They decide the amount to place in their Cafeteria Plan from each paycheck to pay for those benefits.
- Their money gets placed in a separate spending account for each benefit elected.
- When they have a covered expense, a claim is submitted to the plan administrator.
- Employees get reimbursed from the money in their plan.