Q: How does Fast-Flex Plus work with "Premium Only" (POP) plans?
A: Insurance premium plans are a snap to administer with Fast-Flex
Plus. We recommend keeping the different insurance plans separate just in case there are different eligibility requirements,
rate changes, etc. as opposed to combining premiums.
Note that in
Fast-Flex Plus, employee-paid insurance premiums are treated differently from the employee's out-of-pocket medical expenses
that cover items that insurance doesn't, such as co-payments, non-prescription drugs, etc.
Step #1. You'll want to record the
employee-paid medical insurance premiums in the pre-built "Health Insurance" trust category and
Group-term life insurance in the prebuilt "Life Insurance" trust category. (Refer to pages 34 and 47 in the manual
Step #2. Say the company also offers its employees dental and disability insurance. Dental and/or disability insurance can
be set up to work like the pre-built health and life insurance trusts by following the instructions on page 32 (Include "Ins."
in the trust description. Ex. "Dental Ins.", "Disability Ins.", etc.)
Step #3. Now, visit each employee record
(we recommend using the "Batch Update" procedure described on page 51) and then enter each employee's specific
insurance premium data that will be withheld from his paycheck each pay day.
Step #4. On each pay day, just "Update (post) withholdings"
as described on page 71. The program will automatically both withhold and "pay" the premium amount(s) from each
employee's account(s), keeping the employee's insurance premium balances at $0.00.
Step #5.You can run the appropriate summary
reports to know how much in total needs to be sent to the various insurance companies.