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MSEC Flexible Benefit Services
Why not offer benefits that save you money?
MSEC is pleased to announce that we are partnering with FlexMagic Consulting, Inc.
FlexMagic is a reputable and respected firm specializing in the administration of Flexible Benefit Programs. This partnership brings together the expertise of FlexMagic with the consulting services of MSEC to provide our members a comprehensive Flexible Benefit Service with superior customer service.
How do Flexible Benefits work?
Flexible Benefits allows employees to stretch their paychecks by paying for certain expenses with before-tax dollars. The employee saves on payroll taxes, thereby reducing the cost of these expenses by 25% or more through reduced taxation. This increases take-home pay!
How can MSEC help you?
MSEC, in partnership with FlexMagic, provides consulting services for Flexible Benefit Plans, Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA) and Premium Only Plans (POP). Services may include:
- Plan Design Assistance
- Implementation and Technical Support
- Document and Materials Preparation
- Discrimination Tests and Evaluation Reports
- Refresher Classes and Compliance Review
- Third-Party Administration Services
- Debit Card (Optional)
- Internet Access and Support
- IRS Form 5500 Completion (when applicable)
How do employers benefit from introducing a Flexible Benefit Plan?
- Reduced FICA/Medicare and other payroll taxes
- More employee choice and responsibility
- Cost-controls through better benefit management
- Increased employee appreciation and improved morale
- Improved ability to recruit top quality employees with past Flex plan experience
What can employee expenses include?
- Employee-paid health insurance premiums (medical, dental, vision and supplemental health premiums)
- Out-of-pocket health care expenses for the family (glasses, braces, prescriptions, deductibles, co-pay)
- Child or dependent care expenses necessary to employment (for children under age 13 or older dependents who are physically or mentally disabled)
- Health Savings Account (HSA) Trust contributions
Employee Savings Example
This employee is married, has one child, earns $2,000 a month and claims 3 deductions. (Based on Federal and Colorado tax schedules) |
Current Example | |
Gross Income | $2,000 |
FICA/Medicare | $153 |
Federal Tax | $56 |
State Tax | $36 |
Net Pay | $1,755 |
Expenses Per Month:
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Child Care | $200 |
Health Insurance | $125 |
Medical Expenses | $25 |
Spendabe Income | $1,405 |
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Flexible Benefit Example | |
Gross Income | $2,000 |
Expenses Per Month: | |
| >Child Care | $200 |
Health Insurance | $125 |
Medical Expenses | $25 |
New Taxable Income | $1,650 |
FICA/Medicare
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$126
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Federal Tax | $21 |
State Tax | $20 |
Spendabe Income | $1,483 |
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This employee paid the same expenses in each example except with Flexible Benefit no taxes were paid on these expenses. This increases take-home pay by $78 each month. |
MSEC MEMBERS - ENROLL TODAY!
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Contact Us
Call Kelly Esselman, CEBS, SPHR, at 303.223.5359 to find out more about how you can receive a 20% discount on Flexible Benefit Services.
View Our Rate Sheet
Enroll Today!
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