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Buonocore Revised Lesson 3

Buonocore Revised Lesson 3

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Published by Lisa Kolakowski
EDET 709 Big Redesign Project
EDET 709 Big Redesign Project

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Published by: Lisa Kolakowski on Apr 12, 2014
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04/12/2014

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Narration:
Welcome to Training Lesson number three in the Basic Flexible Benefits Plan module.
This lesson is Positioning Premium Only Plans to the Employee. “Understanding how
to position Premium Only Plans to an Employee will help you write more business
because
you will have the knowledge of how a POP can benefit an employee.
Which means to you;
that you can explain and answers questions regarding how pre-taxing works.
 And the real benefit
to you is that you are able to help them make the best
benefit choices possible.” 
 
It is recommended that you have already gone through Lesson One and Two in this module. If you have not already reviewed those lessons, please return to the menu and select Lesson One or Two. Click the
next
button to start the training.
1 Lisa Buonocore EDET 709 Big Redesign
 
Narration
: The purpose of this training is to help you understand how to best position this value added service with an employee. By the end of this lesson, you will be able to:
Understand the benefits and tradeoffs of POP to an employee
Communicate the concept of pre taxing
And, demonstrate how to apply what you learned during your conversation with the employee 2 Lisa Buonocore EDET 709 Big Redesign
 
Narration:
As discussed in Lesson 1, t
he terms "cafeteria plan,” “flex plan,” and “section 125 plan” are all words
used to describe a flexible benefits plan. Flexible benefits plans include POP, FSA, HSA, DFSA and HRA. In this lesson we will go into more detail on Premium Only Plans and how to position them to an employer.
[Facilitator Notes: Premium Only Plan:
 Allows employees to have their portion of the life and health insurance premiums deducted from their pay on a pre-tax basis.
Flexible Spending Account:
 This benefit account allows participants to set aside pre-tax dollars to pay for certain types of qualified medical expenses.
Health Savings Account:
 A tax-advantaged account that allows participants to set aside pre-tax funds to pay for qualified medical expenses incurred by the participant, their spouse, and any tax
dependents covered under the participant’s qualified high
-deductible health plan (HDHP).
Health Reimbursement Account:
 Employers fund individual reimbursement accounts for their employees and define what those funds can be used for (e.g. specified out-of-pocket expenses such as deductibles and co-pays).
]
 
3 Lisa Buonocore EDET 709 Big Redesign

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