Over the last few years a lot has happened with BeniComp Select, including the development of a dedicated Customer Service team, process digitization, and the creation of digital tools to improve customer experiences.
On the Accounting side, we’ve completely overhauled our manual processes to deliver safe, secure and quick medical reimbursement to our participants. As part of this digitization, electronic invoices will be sent via email, with associated claims documentation.
We invite you to check out our running list of new developments below.
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- Annual Cost per Employee
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Submit Online Claims
There’s now a simple, easier way to submit your claims and all supporting documentation at one time!
Pay Your Claims Quickly
Our goal is to reimburse executives as quickly as possible to avoid putting financial strain on key executives.
As we continue to explore ways to enhance the BeniComp Select experience, we recently inquired with all BeniComp Select client contacts about their interest in a few different executive health plans that we've researched and visited. The response has been overwhelmingly positive. If you are interested in this service, or have other questions or requests, then please let us know by completing this form.
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Letter from Our CEO
BeniComp Select remains fully excepted, fully approved by the laws, and exempt from certain restrictive rules.
To our valued clients:
Since the late 1980s, Executive Medical Reimbursement (BeniComp Select since 2002) has allowed companies to provide supplemental insurance for executives, uniquely organized by class, that covers eligible claims not paid by their primary health plan. This became more significant in the last five years as companies raised the deductibles on primary health plans and reduced ancillary benefits, such as dental or vision, which pushed additional claims through BeniComp Select.
Over the years, HIPAA, EEOC, and ERISA, have imposed non-discrimination rules on the primary health plan. However, BeniComp Select's “Supplemental, Fully Insured, Exempt” filing has allowed executives to maintain their coverage. On October 31st ,2016, the Department of Labor (DOL), Internal Revenue Service (IRS), and Centers for Medicare & Medicaid Services (CMS) issued a Final Rule reaffirming BeniComp's position as being exempt.
With the reaffirmation of the BeniComp Select product, executives can file medically necessary claims such as eating disorders, smoking cessation, diet management, fitness trackers (including smart watches), out-of-network executive physicals, etc.
BeniComp Select remains fully excepted, fully approved by the laws, and exempt from certain restrictive rules. Companies can offer BeniComp Select to a few key employees without the requirement to offer the same coverage to all employees. We are very excited about how these new rules will protect you.
Thank you for doing business with us. -- Doug Short, CEO of BeniComp