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Premium-Only Plan (POP)

Premium-Only Plan (POP)

Assistance with Plan Setup, Design, and Administration

ProBenefits assists employers with plan design and implementation (what insurance coverage is eligible for pre-tax treatment, how employees should be treated for eligibility and contribution, etc.). This is not a “document only” service as “free POPs” typically are, where a vendor only provides a document and leaves all administrative responsibilities to the employer. Administration by ProBenefits includes: (1) plan design assistance at startup and renewal; (2) oversight and assistance with legal documents; (3) where needed, recordkeeping for premium contributions and IRS-required discrimination testing of the plan; (4) customer service regarding status change questions, terminations, and additional issues or needs that arise in the context of the plan. ProBenefits’ services and plan responsibilities are further described in the Service Agreement (if you are interested, request a copy of a proposed Service Agreement).

Quality, Compliant Legal Documentation For Your Plan

ProBenefits utilizes its full resources to provide current, compliant legal documentation for all plans. Plan documents distributed by ProBenefits have been drafted and approved by legal counsel, and include the latest provisions stipulated by applicable law.

Customer Service for Plan Questions and Details

ProBenefits’ valued customer service approach extends to POP plans. A ProBenefits administrator is assigned to each plan and serves as a “single point of contact” for your company. The ProBenefits staff is available to assist with questions or needs as they arise. ProBenefits’ website is designed to help administrators and participants access and understand the plan.

Compliance and Technical Support

Plans administered by ProBenefits are compliance-ready plans that receive routine compliance and technical support. In addition to a plan administrator with substantial expertise, ProBenefits has an in-house attorney who assists with compliance issues for all plans. ProBenefits works diligently to assist its clients with compliance concerns, including the need to comply with IRS requirements for flexible benefit plans. Where applicable, ProBenefits conducts discrimination testing for plans and communicates testing results and information to the employer.

Low Cost

The fees for ProBenefits POP administration are low. And not only does a company gain the benefits of POP administration for a low fee, but the employer FICA tax savings generated by the plan basically ensures that the plan more than pays for itself. As an example, if a company has even a single employee in the plan with a family election of $360 per month for pre-tax medical coverage, the FICA savings generated by that one employee alone would pay for the administrative cost of the plan for the entire first year (setup fee and annual fee). The plan typically results in substantial tax savings for your company – with no downside! [For more information on potential tax savings, request a Tax Savings Assumption worksheet].

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