Get the free 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program - upstate

This document outlines the details of the Pre-Tax Contribution Program (PTCP) for health insurance premium deductions in New York State, including eligibility, enrollment changes, and qualifying events

How to fill out 2017 ny state health

How to fill out 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program

1. Obtain the 2017 NYSHIP Pre-Tax Contribution Program enrollment form from the NY State website or your HR department.
2. Read the instructions carefully to understand eligibility and contributions.
3. Fill in your personal information, including your name, address, and employee ID.
4. Indicate the health plan in which you wish to enroll or make changes.
5. Select the appropriate pre-tax contribution option from the choices provided.
6. Review the terms and conditions of participation.
7. Sign and date the form to certify your agreement.
8. Submit the completed form to your HR department or the designated NYSHIP office by the deadline.

Who needs 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

1. Employees of New York State and certain public authorities who are eligible for health insurance through NYSHIP.
2. Those who want to participate in the pre-tax contribution program to reduce taxable income.
3. Employees looking to save money on health insurance premiums.

People Also Ask about

How do pre-tax contributions work?

When you make pretax contributions, the money comes out of your paycheck before your income is taxed. This lowers your taxable income for the current year, which can save you money now, but you'll have to pay the taxes when you take the money out in retirement. You'll also pay taxes on any investment earnings.

When did health insurance premiums become pre-tax?

The IRS first determined in 1943 that an employer's share of ESI premiums could be excluded from taxable income, later codifying this into law in 1954. The Revenue Act of 1978 allowed employee contributions to ESI premiums to be made pre-tax.

Is it better to do pre-tax or post-tax for health insurance?

Pre-Tax is always going to be the best option unless your employer coverage doesn't meet minimum essential coverage or pass affordability guidelines. Then it depends on your income level and if you qualify for a subsidy. For the majority of people, pre-tax wins without question.

Are pre-tax contributions worth it?

Are Pretax Contributions Worth It? A pretax contribution is the right move for many investors because of the tax savings. A pretax contribution reduces your taxable income, which in turn reduces the amount of taxes you pay. You might also consider contributing to retirement via a Roth account instead.

How is health insurance deducted from a paycheck?

A pre-tax medical premium is a health insurance premium your employer deducts from your paycheck before any income taxes or payroll taxes are withheld and then pays to the insurance company on your behalf. You must be enrolled in your employer-sponsored health insurance plan to pay your premium with pre-tax money.

Are health insurance premiums taken out pre-tax?

Many Americans who have health insurance purchase it through their employers via payroll deductions. This offers considerable cost savings because the premiums can be withheld from their wages on a pre-tax basis under a Section 125 plan.

Does health insurance come out of your paycheck pre-tax?

Is health insurance a pre-tax payroll deduction? Most employer-based health insurance is pre-tax and gets deducted from wages before taxes. It's the employer's responsibility to calculate the employee's deductible during the payroll process. Afterward, employers only apply income tax to the leftover pay.

Does health insurance get taken out before or after taxes?

Generally, health insurance plans that an employer deducts from an employee's gross pay are pre-tax plans. But, that's not always the case. While shopping for health benefits plans for your employees, you may consider either pre-tax or post-tax health insurance options.

What is NYS pre-tax contribution program?

The Pre-Tax Contribution Program (PTCP) is a voluntary program where your share of your health insurance cost (or the Opt-Out program) is deducted from your wages before taxes are withheld. This may lower your tax liability (the amount of tax you owe).

How much do NYS employees pay for health insurance?

All NYS Empire Plan (001)Family CoverageIndividual Coverage NYSCOPBA, APSU/PBANYS CSEA/PEF grade 9 & below M/C- $52,626 & below UUP- $50,885 & below $272.67 $60.23 NYSCOPBA, APSU/PBANYS CSEA/PEF, grade 10 and above M/C- $52,626 & above UUP- $50,885 & above $324.22 $80.31

For pdfFiller’s FAQs

What is 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

The 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program allows employees to pay for their health insurance premiums with pre-tax dollars, reducing their taxable income.

Who is required to file 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

Employees who participate in the NYSHIP and wish to take advantage of the pre-tax benefits must file the Pre-Tax Contribution Program.

How to fill out 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

To fill out the 2017 NYSHIP Pre-Tax Contribution Program, you need to complete the designated enrollment form and submit it to your employer as per their instructions.

What is the purpose of 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

The purpose of the Pre-Tax Contribution Program is to allow employees to lower their taxable income and overall tax liability by paying for health insurance premiums before taxes are applied.

What information must be reported on 2017 NY State Health Insurance Program (NYSHIP) Pre-Tax Contribution Program?

The information that must be reported includes the employee's personal details, premium amounts, and any deductions associated with the pre-tax contributions.