Wayne Enterprises had a problem. Business was great, but they were shorthanded and needed to hire key executives to keep their forward momentum and continue to grow. Their executive talent search was yielding promising prospects, but competition continued to steal them away with higher salary offers and rich benefit plans.
Wayne Enterprises needed to find a better way to offer current and future executives meaningful health benefit packages to retain and recruit key leaders. They weren’t sure what options were available to a unique company like itself, especially after hearing and seeing ACA and AHCA all over the news.
Wayne Enterprises had some dilemmas:
1. Not all executives worked from HQ
Although headquartered and filed as an S-Corp in Texas, Wayne Enterprises had a few existing executives working remotely from other states.
2. Executives had different base plans
To make things more complicated, Wayne Enterprises' executives had different base plans - with future hires adding to the variety.
- 1 executive was on the group plan
- 3 executives had spousal plans
- 1 executive had a Medicare plan
How Wayne Enterprises Retained and Recruited Key Executives:
1. Competitive Benefits Package
BeniComp Select works perfectly with any base plan that follows the state mandate of minimum essential coverage. This means that Wayne Enterprises' executives all qualify - Group, Spousal, and Medicare plans alike – including their dependents. Policies can also be written for remote workers because BeniComp Select is approved in Texas and almost all 50 states.
Because of the way BeniComp Select was developed in 1980, it meets federal regulations and is considered an excepted, tax-exempt, supplemental, medical health policy. It's cheaper for Wayne Enterprises to offer $25,000 in health benefits when recruiting a superstar executive than to offer $25,000 more in salary.
2. No Restrictions
Wayne Enterprises soon realized that "no" was a good thing with BeniComp Select policies:
- No waiting periods to apply
- No age limits
- No taxes
3. Covering Almost Everyone and Everything
Today, Wayne Enterprises has the power to offer its key employees BeniComp Select, whether one employee or all employees. The coverage also extends to qualified dependents and includes expenses such as:
- Prescription drugs
- Prescription designer frames
- Corrective eye surgery
- Adult braces and dependent orthodontia
- Dental implants
- Co-pays
- Deductibles
- and so much more!
To add more participants to your BeniComp Select policy, click here.
For more information about BeniComp Select, visit our FAQs here.