Because of the market inflation and economic pressures in the last six years, private health insurance providers in Florida have had to raise premium prices. Florida legislature put a few state wide policies into motion, due to their concern, in an attempt to make it easier to get otherwise exclusive and expensive private health insurance. As the prices in Florida keep inflating employers have struggled to provide quality health insurance to their estimated nine million employees. The Cover Florida Health Care Program, while requiring the IRS section 125 premium only plan, provides Florida business owners accessible and affordable opportunities which are crucial for improving the quality of the workplace environment.

To compete with market failures as well as the 3.8 million Florida residents who are uninsured, Florida Governor Charlie Crist enacted the Cover Florida Health Care Program during his 2008 legislative session. A major goal for the Cover Florida Health Care Program was to supply accessible health insurance at a reasonable price (with a goal of 150.00 or less a month.) Many healthcare plans have exclusions and limiations which predetermine eligibility. A unique emphasis to the Cover Florida Program was placed on providing health care to those participants who would normally be ineligible. (Such as individuals with pre-existing conditions).

HOW DOES THE FLORIDA HEALTH CARE ACT HELP ME AS AN EMPLOYER?

Employers who participate in the Cover Florida Health Care Act help their employees cover the cost of premiums through the subscription and maintaining of compliance to an IRS section 125 premium only plan. These plans are one of the only health insurance policies which provide a plethora of financial opportunities to employees and provide substantial monetary benefits to employers. Section 125 plans give employers the opportunity to use tax-free pay roll deduction for employees toward health care premiums. Because of the way the plan works, contributions taken before tax increase the amount of take home pay employees receive while saving employers an average of 7.65 percent in FICA taxes per year.

Before employees can be offered or receive subscription to Cover Florida Health Care Act insurance providers as well as the tax benefits of the section 125 plans, individuals must meet a certain eligibility criteria. They must be between the ages of 19-64, and must not have been covered by any other health care plan within the previous six months (there are some exceptions that apply).

Employers participating in the Cover Florida Health Care Act are required to have and maintain compliance to a section 125 Premium Only Plan. The small print and subtleties of compliance should not deter prospective employers, however, as there are many POP plan servicing sites available to ease the process of subscription and assist in the maintaining of required compliance.

Florida employers interested in pursuing a premium only plan should consider Taxfreepremiums as the premier authority on all POP plan services and information. Taxfreepremiums handles all initial premium only plan filing procedures and automatically updates employer POP plans throughout the year in order to ensure compliance. Taxfreepremiums one low price combined with the range of services it provides renders it the most affordable POP service provider available. For more information, feel free to visit http://www.taxfreepremiums.com/