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Buonocore Revised Lesson 1

Buonocore Revised Lesson 1

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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 the first lesson in the Basic Flexible Benefits Plans training module, Introduction to Flexible Benefits Plans with a Focus on Premium Only Plans. An understanding of Flexible Benefits Plans will help increase your sales
because
 the plan is a financial tool that provides preferential tax treatment.
Which means to you;
 
that you’ll be able to show your clients (employers and employees) a way to save
additional tax dollars.
And the real benefit to you
is that you’ll be establishing a long
term business relationship and as a benefits partner. 1 Lisa Buonocore EDET 709 Big Redesign
 
Narration:
The purpose of this training is to help you understand the basics of Flexible Benefits Plans, a value added service we offer to many of our accounts. We will specifically be focusing on Premium Only Plans
 –
 or POP for this lesson. By the end of this lesson, you will be able to:
Comprehend a basic overview of Flexible Benefits (Flex) Plans
Understand what benefits qualify for Flexible Benefits Plans
And, understand the basics of Premium Only Plans 2 Lisa Buonocore EDET 709 Big Redesign
 
Narration:
Flexible Benefits Plans, also known as Section 125 plans, were created by Congress in 1978 as a result of Internal Revenue Code Section 125. This allows a tax break for payroll deducted premiums
 –
 which is also called pre-taxing. With Section 125, the average working American can afford the cost of adding benefits, like voluntary insurance. Flexible Benefits Plans help:
Address the benefits needs of America’s changing work force.
 
Contain the escalating costs of employee benefits programs.
And, most importantly, make benefits more affordable through preferential tax treatment. With a Flex Plan in place, employees have a choice between cash, a taxable benefit, and tax free benefits; which are free from federal and state income taxes. We offer our employers the opportunity to set up Flexible Benefits Plans to best fit their needs at little to no cost to them.
[Facilitator Notes: At this point you are setting the stage for the lesson. These points are covered in more detail in the other to lessons in this series
 –
 Positioning Flexible Benefit Plans To The Employer and Positioning Flexible Benefit Plans To The
Employee.]
3 Lisa Buonocore EDET 709 Big Redesign

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