Welcome CLA Family!

In 2020, CLA will be introducing a new wellness opportunity called BeniComp Select.  This program will not be for everyone but may offer some nice tax advantages for members of the CLA family who:

• Aren’t able to participate in a FSA
• Have expenses that exceed the projected $2,750 FSA limit (BeniComp Select expenses can go up to $50,000)
• Don’t want to use their HSA dollars for their medical, dental or vision expenses. 

This plan covers all of the same eligible medical expenses as a FSA/HSA and has an increased spending limit of $50,000 for the year. So if you anticipate having large medical expenses this year then BeniComp Select might be the best product for you. Below are examples of services people often run through their BeniComp Select policies:

• Braces ($6,000)
• Fertility ($25,000)
• Diabetes ($10,000/yr)
• Lasik surgery ($4000)
• Dental Implants ($2000 per tooth)
• Executive Physicals (3,000-10,000)

BeniComp Select also includes a $50,000 AD&D policy.

To calculate savings use the calculator below.

What do you need to know about this program:

• You will need to elect to participate in this program in Workday when you complete your open enrollment.
  NOTE: You will not be electing a dollar limit that you expect to incur for 2020.  Your election will indicate that you wish to participate in this program for the 2020 calendar year.   
• The cost to participate in this program is $250 per year plus an 12% administrative fee based on claims submitted to BeniComp. 
• The $250 is non-refundable even if you do not submit any expenses for the calendar year, and will be deducted from your first paycheck in January.

To learn more about this unique new offering you will want to attend a webinar and visit the BeniComp page on myCLA which has examples of how the payroll reimbursement and deductions will work.  

Benicomp Select Tax Calculator

Enter your estimated medical expenses and choose your tax bracket to calculate your savings!

When does it make sense to have BeniComp Select?

The simple chart below shows the estimated amount of annual medical expenses needed to save money with BeniComp Select. If your medical expenses are higher then you save more!