Consumer-Driven Health Products (CDHP)
CDHP's consist of some Cafeteria Plans as well as other uniquely designed benefit plans that combine a pretax payment account with a high-deductible health plan. While they each operate slightly different, the main goal is to save money by lowering premiums on health care plans. The pretax account (which may be funded by the employer or employee) is used for the employee's healthcare costs until the deductible is met. After that the health insurance plan begins to cover the employee's healthcare costs.
There are several administrative procedures, as well as ongoing compliance regulations that must be met to comply with Section 125 code legal requirements. Let an expert team member from Sheridan Benefits show how to take advantage of these special benefits plans today.