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Benefit Plans

Benefit Plans - Health Savings Accounts, #101 To help small business owners and their employees cope with the escalating cost of health care, the federal government established Health Savings Accounts in 2003. These accounts – which combine tax-free savings with high-deductible insurance coverage – are designed to receive tax-exempt contributions, are portable from job to job, and may be accumulated over the years or distributed on a tax-free basis to fund qualified medical expenses. Other approaches include Medical Savings Accounts, Health Flexible…

Benefit Plans – Cafeteria Plans, #102 Cafeteria plans are defined under Section 125 of the Internal Revenue Code as plans maintained by an employer that allow each participant to select among cash and one or more qualified non-taxable benefits. In practice a cafeteria plan (sometimes called a flexible benefit plan) is a benefit plan that allows an employee to have some choice in designing his or her own benefit package by selecting different types and/or levels of benefits that are…