Interested in BeniComp Select Executive Medical Reimbursement but have questions about the application process?
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.
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
Classes of eligible employees are different "levels" you have designated for the company. For example, you might create levels for:
Class 4: President
Class 3: C-level employees
Class 2: Executives
Class 1: Directors
Based on the levels you designate, you assign a certain number of employees to each class.
Please refer to the chart below. Based on the number of participants you have on the total plan, you can assign the number of participants to classes with corresponding plan maximums. For example, if you have 15 employees on BeniComp Select, you might have:
Class 4: 1 President with a plan maximum of $25,000
Class 3: 2 C-level employees with a plan maximum of $20,000
Class 2: 4 Executives with a plan maximum of $15,000
Class 1: 8 Directors with a plan maximum of $10,000
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.