It means that your take-home pay can be increased because your premiums are deducted before taxes are applied to your income. Unless you specifically request to be removed from it, you are automatically enrolled in Taxsaver and the deductions you authorized for health insurance during Open Enrollment are made using this program
This program is governed by federal regulations. It allows your premiums to be deducted from your gross pay prior to taxes being calculated. With your gross pay reduced, your taxes are lower and you end up with more take-home pay. This is not a tax deferral, but permanent tax avoidance for as long as you participate.
View an example at: http://www.in.gov/spd/files/taxsaver.pdf.