Executives are often granted generous compensation packages in an increasingly competitive field. BeniComp Select Executive Medical Reimbursement protects key employees from out-of-pocket medical, dental, vision, and hearing expenses that are not covered by most company’s regular health care programs.
BeniComp Select's creative health compensation
solution is perfect for executives.
Here’s how it works.
Let's assume the company is a law firm. If every lawyer at the firm has a $6,000 deductible on their base health plan, the firm can offer a $10,000 BeniComp Select plan to each lawyer resulting in no out-of-pocket deductible expenses plus $4,000 to spend on additional medical expenses such as dental, vision, chiropractic, and other services not usually covered by traditional plans.
Additionally, every one of the BeniComp Select claims is tax deductible. The average lawyer makes over $150,000/yr. Assuming a lawyer is at least in the 33% tax bracket, the lawyer would experience over $3,300 in savings on $10,000 in claim spend.
Larger firms typically setup classes. Rather than reward all employees at a company, the employer is able to reward individual employees or groups of employees by class. For example, a law firm could setup three classes:
- $50,000 policies for senior partners
- $20,000 policies for junior partners
- $10,000 policies for associates
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Executive Medical Reimbursement
BeniComp Select protects your key employees from out-of-pocket medical, dental, vision, and hearing expenses that are not covered by your company’s regular health care programs.
Why BeniComp Select?
BeniComp has been in business since 1962, and is the largest executive medical reimbursement company in the country providing:
- Excellent customer service
- Favorable plan provisions
- No waiting period
- Range of benefit options (Based on number of covered employees)
Below you will find a quick comparison chart that explores the similarities and differences between BeniComp Select, other similar programs, and full premium vendors. As illustrated below, we are the most robust, competitive product in the marketplace today.
What Is An Executive Medical Reimbursement Plan?
BeniComp Select is a fully insured, supplemental, group executive medical expense reimbursement insurance policy. It allows employers to reimburse their key employees for medical expenses not otherwise covered by health insurance.
Covered Benefits For Select Employees And Their Dependents
- Prescription drugs
- Over-the-counter drugs
- Dental and orthodontic expenses
- Vision Care including all types of frames
- Chiropractic services
- Hearing aids and Otologic examinations
- Smoking cessation clinics
- Weight loss programs
- Charges for the diagnosis of infertility
- Charges for the treatment of infertility up to 10% of annual maximum per calendar year
- Medical transportation, including air services and hotel (limitations apply)
- Psychiatric care
- Speech therapy
- Private-duty nursing
- Hospital expenses, including private-room charges
- Home health care
- Alcoholism and drug-abuse treatment and facilities
- Inpatient and outpatient psychiatric care
- Medical supplies and equipment and many more services
Generally, if an expense is medically necessary and qualifies under Section 213 of the Internal Revenue Code it would be eligible for reimbursement under this plan. Individuals must be under the care of a legally qualified physician to receive reimbursement.
Elective procedures that are not medically necessary are not covered by BeniComp Select. For more information check our FAQs.
Tax Advantages And Benefits
- Insurance benefits (reimbursements) are generally non-taxable income
- Recruitment and retention of key executives
- Flexible benefit schedule
- Enhanced medical plans for as many or as few employees as you choose
- Reduced out-of-pocket expenses
- No age limit
- No pre-existing illness limitation
- Easy claim submission
It is strongly recommended that interested parties seek the advice of tax counsel when considering adopting an Insured Medical Supplemental Plan.
What Does It Cost?
Fixed premium = $350/yr for each covered employee ($250 annual premium + unlimited telemedicine access. Telemedicine visits do not incur claims or variable premium administration costs).
Variable premium = Paid claims + 12% administration cost
- Accidental Death and Dismemberment Benefit is equal to the annual maximum up to $100,000 at no additional cost
An employee breaks his leg and the total medical cost is $15,000. He has a $6,000 base plan deductible that would otherwise be out-of-pocket, and the rest is covered by the base plan. The employee pays the claim and submits the $6,000 out-of-pocket claim to BeniComp Select. BeniComp Select invoices the employer $6,720 (claims + 12%). BeniComp Select immediately reimburses the employee $6,000 once the employer payment is received.