Why Take Advantage of a Section 125 Cafeteria Plan?
Many business owners have taken advantage of the Section 125 tax law created by the Internal Revenue Service (IRS) to save money on state and federal payroll taxes. A Section 125 Cafeteria Plan also lowers taxable income for employees. By giving employees the opportunity to purchase pretax products, you can significantly increase employee retention and morale.
Employees need access to voluntary benefits because:
- 57% of personal bankruptcies are related to a major individual healthcare crisis
- Injuries are the leading cause of death for people under age 45 in the United States
- 50% of American families say they need more life insurance for final expenses
- More than half of all U.S. families are affected by cancer
- Every year, about 790,000 Americans have a heart attack
Sources: Today Money, www.today.com/money, 2013; Centers for Disease Control, 2014; Facts of Life 2013, LIMRA; “Majority of U.S. families touched by cancer,” CBS News, 2017; Heart Disease, CDC.gov, 2017
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