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Health Benefits Tax Savings Calculator for Employees

Discover the Tax Savings Advantages of Participating in Your Employer-Sponsored Health Plan!

Participating in your employer’s health insurance benefit is a TAX SAVINGS.

WHY?

  • Your contributions to your employer-sponsored health insurance plan are made on a pre-tax basis through payroll deductions. You are taxed on fewer wages, so you have fewer taxes taken out of your paycheck. This savings helps to reduce the costs of your contribution to your health insurance and makes it more affordable.

Do you need health insurance?

WHY?!!

  • Costly medical expenses. In 2004, the average out-of-pocket medical expense incurred by an uninsured individual was $2,574 (after taxes) for a family.
  • Financial security. Regardless of age, if you or a member of your family is uninsured and has an accident, a hospital stay, or a costly medical treatment, the resulting medical bills can affect your short-term and long-term economic stability.
  • Peace of mind. Having health insurance will help you and your family stay healthy and protects you financially.

calculator icon Use the Health Benefits Tax Savings Calculator for Employees to easily learn about the TAX SAVINGS ADVANTAGES of participating in your company’s health plan benefit.

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