Giving Everyone’s Money Every Advantage

With health expenses and child care costs skyrocketing, your employees need every kind of extra help to get the most out of their paychecks. A Cafeteria Plan enables your employees to set aside tax-exempt money every payday for medical, dependent care and insurance costs.

Employers who introduce a Cafeteria Plan find the added benefit increases worker loyalty. They also discover the administration costs of the plan are typically offset by a reduction in the company’s tax and FICA match liability. In some states, there’s also a decrease in Worker’s Compensation premiums.

A Simple Way to Save

• 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.

Service is Part of the Plan

• Polycomp’s full service Cafeteria Plan administration delivers complete plan design and setup.
• We handle the documentation and Summary Plan Description.
• Educational materials are part of the package.
• Fast claim processing and reimbursement
• Reimbursement checks and direct deposits come from our reimbursement account – no separate account is required.
• Direct deposits
• Internet access for employers and employees
• Discrimination testing
• Form 5500 (when required)

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
• Click here for a detailed list

Contact us today to find out why our reliability and accessibility makes us so popular with our clients. Click here to review some common questions and their answers.

We look forward to working with you.