Interested in BeniComp Select Executive Medical Reimbursement but have questions about the application process?
A Medical Reimbursement Plan is a fully insured reimbursement plan that allows an employer to reimburse key employees for most medical, vision, hearing and dental expenses not otherwise covered by their existing benefit plan.
BeniComp Select allows employers to reimburse their key employees for most medical expenses not otherwise covered by their base health insurance plan. Rather than reward all employees at a company, the employer is able to reward individual employees or groups of employees by class. For example, an employer could create three classes:
These "classes" are created by the employer.
An employer pays a $250 annual premium for each of the executive participants. When a participant has eligible reimbursable expenses, they are submitted to BeniComp Select for reimbursement. The approved claim + 11% is paid by the employer, and BeniComp Select reimburses the key executive directly if they have signed up for direct deposit.
No. The underlying plan can be an employer group plan, individual policy, spousal policy or Medicare.
The employer selects the desired benefit level for each of the classes designated to the participating employees from the plan maximum schedule.
Plan Maximums: $10,000, $15,000, $20,000, $25,000, $35,000, $50,000, $75,000, $100,000, $200,000
Accidental Death Benefit: Included with each BeniComp Select policy equal to the plan maximum up to $100,000
The policy covers the participant and any qualified dependents, and is based on specific state mandates.
BeniComp Select follows the primary plan. If the primary plan allows for dependents up to the age of 26, then so does the BeniComp Select policy.
|Participation*||Everyone||Everyone||Everyone||Class defined by Employer|
|Use it/Lose it||Yes||No||No||No|
|Admin Premium||Monthly||Monthly||Monthly||$250 + 11% of Claims|
*The following individuals are ineligible to participate in a Cafeteria Plan, including a Premium Only Plan (POP) or any of its qualified benefits, which include FSAs and HRAs:
No, this policy can be placed on as few or as many employees, based on class, as the company chooses. Further, the company has the option of choosing different benefit levels on different classes of employees. Classes are determined by the company. If a policy is being offered to a class, everyone eligible for the designated class must be offered the plan.
A BeniComp Select policy does not have an age limit or a waiting period.
Concerning the use of a Health Savings Account (HSA) on a high deductible primary health plan (HDHP) that also has BeniComp Select supplementing the HDHP, it is our belief that you should seek the advice of your HSA advisor or tax adviser on the tax implications to also use an HSA when BeniComp Select supplements the primary plan. BeniComp’s underwriting only considers the primary plan to determine the eligibility for BeniComp Select to be an eligible supplement to the base medical plan. BeniComp makes no representations about other ancillary products or services not under our control.