Executive Medical Reimbursement | Two Truths and a Lie

The lie was that employees are not reimbursed tax-free under their BeniComp Select policy.

BeniComp Select Employee Tax Lie

In fact, BeniComp Select is a non-taxable benefit for employees and is a tax deduction to the company.

In addition to its tax advantages, BeniComp Select has a number of other benefits.

BeniComp Select Selective Policy Truth

With BeniComp Select, companies can select key employees who receive a set amount that covers out-of-pocket medical expenses. What's more, companies can allocate a benefit amount to select employees and vary the maximum for different tiers of employees. This means you can reward employees for seniority, tenure, or performance.

BeniComp Select Dental Vision Truth

Additionally, BeniComp Select participants can use their policy to cover their out-of-pocket medical expenses not covered by the base medical plan, including dental, vision, and chiropractic. Items listed under Publication 502 are also eligible to be claimed under BeniComp Select.

To find out more about BeniComp Select, read on here.

If you would like to see how it can be implemented in your company then try out our Proposal Calculator.