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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:

  1. 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.
  2. Statutory Risk: BeniComp Insurance Company is accountable to remaining within current parameters of federal and state law.
  3. 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.

Pan American Attestation

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.