Premiums Only Plan
Employees' premiums are payroll deducted on a bi-weekly or monthly basis, depending on the employee’s pay schedule. The premiums for employees are eligible for tax sheltering under the Tax-Saver Premiums Only Plan. Election must be made during the first 30 days of employment or during Annual Enrollment.
Benefits of the Premiums Only Plan (POP)
- If enrolled in the Premiums Only Plan, premiums for medical, dental, and vision may be automatically deducted pre-tax from paycheck before your taxable income is determined.
- There is no cost to participate in the Premiums Only Plan.
- There is no tax liability on the money put into the Premiums Only Plan.
- Cancellation of benefits under the Premiums Only Plan is allowed during Annual Enrollment (October) or for a qualifying event.
- Enrollment in Premium Only Plan rolls over automatically from year to year.