BeniComp Select Compliance Packet
Overview
BeniComp Select is a 15 year old, fully insured policy that holds a certificate of insurance with the Department of Insurance and the Department of Labor in 41 states. BeniComp Select is a separate, supplemental plan that works in conjunction with benefits provided under an ACA base plan and is uniquely designed to fill in the gaps of primary coverage. BeniComp Select is an employee benefit that is regulated by the Department of Insurance and the Department of Labor, and is an excepted benefit as recognized by the Internal Revenue Service.
Fully Insured
BeniComp Select is a fully insured product that encompasses 3 types of risk:
- Financial Risk: BeniComp provides aggregate protection to cover part of the maximum benefit amount. In addition, an Accidental Death and Dismemberment policy equal to the BeniComp Select Policy amount is provided with every BeniComp Select policy.
- Statutory Risk: BeniComp Insurance Company is accountable to remaining within current parameters of federal and state law.
- Compliance Risk: BeniComp Insurance Company ensures that clients have no exposure to legal penalties related to their BeniComp Select policy as long as the policy is purchased supplemental to an ACA compliant base plan.
Supplemental/Excepted Benefit
Benicomp Select is a supplemental policy designed to fill in the out of pocket gaps in primary coverage such as coinsurance or deductibles. It is provided under a separate policy of insurance in addition to an ACA compliant base plan. As defined by the Federal Register, BeniComp Select is an excepted benefit that is not subject to regulations imposed by the Affordable Care Act.
Federal Register: Not Subject to the Affordable Care Act
Federal Register: Not Subject to HIPAA, Excepted Benefit
Carrier Backing and Attestation
BeniComp Select is issued on carrier paper and is backed by “A rated” carrier Pan American.
Works with an S Corp
BeniComp Select is a fully insured, excepted benefit. Every claim is legitimized by section 213 of the IRS and is tax deductible to the employer and not imputed income to the employee, even in an S corp.
*Nothing we present should be interpreted as tax or legal advice. It is recommended that you seek independent counsel from a professional tax or legal advisor if you have any need for such advice or interpretation.
IRS Code Section 213(d) Eligible Medical Expenses
An eligible expense is defined as those expenses paid for care as described in Section 213 (d) of the Internal Revenue Code. Below are two lists which may help determine whether an expense is eligible. For more detailed information, please refer to IRS Publication 502 titled, “Medical and Dental Expenses,” If tax advice is required, you should seek the services of a competent professional.
Deductible Medical Expenses
- Abdominal supports
- Abortion
- Acupuncture
- Air conditioner (when necessary for relief from difficulty in breathing)
- Alcoholism treatment
- Ambulance
- Anesthetist
- Arch supports
- Artificial limbs
- Autoette (when used for relief of sickness/disability)
- Birth Control Pills (by prescription)
- Blood tests
- Blood transfusions
- Braces
- Cardiographs
- Chiropractor
- Christian Science Practitioner
- Contact Lenses
- Contraceptive devices (by prescription)
- Convalescent home (for medical treatment only)
- Crutches
- Dental Treatment
- Dental X-rays
- Dentures
- Dermatologist
- Diagnostic fees
- Diathermy
- Drug addiction therapy
- Drugs (prescription)
- Elastic hosiery (prescription)
- Eyeglasses
- Fees paid to health institute prescribed by a doctor
- FICA and FUTA tax paid for medical care service
- Fluoridation unit
- Guide dog
- Gum treatment
- Gynecologist
- Healing services
- Hearing aids and batteries
- Hospital bills
- Hydrotherapy
- Insulin treatment
- Lab tests
- Lead paint removal
- Legal fees
- Lodging (away from home for outpatient care)
- Metabolism tests
- Neurologist
- Nursing (including board and meals)
- Obstetrician
- Operating room costs
- Ophthalmologist
- Optician
- Optometrist
- Oral surgery
- Organ transplant (including donor’s expenses)
- Orthopedic shoes
- Orthopedist
- Osteopath
- Oxygen and oxygen equipment
- Pediatrician
- Physician
- Physiotherapist
- Podiatrist
- Postnatal treatments
- Practical nurse for medical services
- Prenatal care
- Prescription medicines
- Psychiatrist
- Psychoanalyst
- Psychologist
- Psychotherapy
- Radium Therapy
- Registered nurse
- Special school costs for the handicapped
- Spinal fluid test
- Splints
- Sterilization
- Surgeon
- Telephone or TV equipment to assist the hard-of-hearing
- Therapy equipment
- Transportation expenses (relative to health care)
- Ultra-violet ray treatmentVaccines
- Vasectomy
- Vitamins (if prescribed)
- Wheelchair
- X-rays
We Miss Having You
We miss having you as a customer and wanted to take this opportunity to reintroduce the tax advantages and flexible benefits available to your company through BeniComp® Select, our fully insured, supplemental group executive medical expense reimbursement policy.
Did You Know?
55 Years Strong
BeniComp has been in business since 1962, and is the largest executive medical reimbursement company in the country.
Tax Exempt
BeniComp Select (BCS) allows reimbursement for out of pocket medical expenses with non-taxable dollars.
Easy to Enroll
There's NO waiting period to add a supplemental benefit package to your existing base plan.
HIPAA Compliant
Conveniently & securely submit online claims.
Dependents Covered
Yes, out of pocket medical expenses for dependents are covered too!
Ready to reactivate your BCS policy?
Want to know what's new with BeniComp Select?
If you have any questions, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or call our BeniComp Select Customer Service team at 1-866-797-3343.
Tax and Legal Advice Disclaimer
BeniComp does not provide tax, legal or accounting advice. This website has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.