Executive Medical Reimbursement:
Tax-Advantaged and Expanded Medical Coverage
ArmadaCare's
Executive Medical Reimbursement program provides tax
advantaged benefits* for you and expanded
medical coverage for your key employees. It is underwritten
by leading insurers Transamerica Financial Life Insurance
Company and Monumental Life Insurance Company, both
A+ rated members of the AEGON company, and offers:
- An insured structure for true tax advantage status
- Complete flexibility in your underlying health plan design
- Expanded medical, dental and vision coverage for your executives
- A Prepaid Prescription MasterCard for point-of-purchase convenience.
- Comprehensive Executive Physicals
- Streamlined administration and rapid reimbursement
- Fixed Premium Structure
A Truly Compliant Program
ArmadaCare’s Executive Medical Reimbursement is a premium based, full risk-transfer structure. We are truly an insured program. Section 105 (h) of the internal revenue code allows you to provide medical reimbursement on a discriminatory basis without affecting the tax advantaged status of either the cost or the benefits as long as the program is not considered self insured or a cost-plus policy. With ArmadaCare’s Executive Medical Reimbursement program, you are on safe ground with Section 105 (h). You can decide the class of employees to include, and it can be provided on a discriminatory basis. 105(h) provides for tax advantaged status for both you and the receiving employee. Premiums are generally tax deductible as reasonable and customary business expenses. And your employees will not pay taxes on benefits received*. Of course, we always advise clients to consult their legal and tax advisors.
There Are No Minimum Requirements for your Company’s Underlying Health Plan
Our product coordinates with virtually any underlying plan design, thus allowing you full flexibility in implementing a core plan that meets overall business objectives. This flexibility feature is in sharp contrast to traditional reimbursement programs that contain minimum core plan requirements, many of which are out of step with contemporary health plan design.
Members Receive Expanded Medical, Dental and Vision Coverage
Our program supplements your company's core health plan and expands the overall coverage beyond its limitations; up to $100,000 annually. These tax-free* benefits for each member and their family cover medical, dental and vision expenses above and beyond the company's core health plan. This can include Section 213 eligible expenses such as:
- Reimbursement for expenses of your health plan, among them deductibles and coinsurance amounts
- Out-of-network costs
- Amounts over your carrier's Reasonable and Customary schedule when using a physician not in your plan's network
- Dental, vision, hearing services including orthodontia, crowns and Lasik eye surgery
- Prescription drugs
Prepaid Prescription MasterCard®
The ArmadaCare program now includes another industry first, a prepaid MasterCard integrated into the insured plan for ultimate convenience at point-of-purchase for the executive. Available for health plans with pharmacy programs managed by a host of Pharmacy Benefit Managers, this feature virtually eliminates the need to file pharmacy claims using a paper based process. Please contact us for more information about this exciting new benefit.
Comprehensive Executive Physicals for Proactive Health Management
Our plan covers the cost of comprehensive Executive Physicals for both members and their spouses at a premier facility of their choice. An increasingly popular aspect of prevention, you can now offer this benefit on a tax-advantaged insured basis. The physical appointment will be researched and scheduled by our ArmadaCare Clinical Advocate team. For companies that already invest in an executive physical program, you now don’t have to make the benefit taxable income for the employee and an expense item for the company.
Streamlined Administration and Rapid Reimbursement
Our exemplary service benefits you and your busy executives who have limited time available. Reimbursement is fast and hassle free; without the need for monthly batch processing and pre-funding of claims, which can delay claims and frustrate executives. Instead we process claims on a continuous basis with a typical turnaround of less than 10 days from receipt mail, fax or e-mail. Most importantly for our executive members, our medical support saves them time and the hassles of dealing with the healthcare system.
Predictable, Fixed Premium Structure
Our fixed premium structure provides predictable pricing and rates that are guaranteed for 12 months. You can make decisions based on known costs and can budget with the comfort that it will not change during the course of the year even if you have an adverse claims experience. Renewal rates are based on the claims experience across the entire book of business and generally follow major medical trends.
Contact us to learn about available plan options.
*This is not local, state or federal tax advice. It is recommended that you seek the independent counsel of a professional tax advisor.
Executive Health is underwritten by Monumental Life Insurance Company, Cedar Rapids, IA. Group policy form MLSM1000GP. Clinical Concierge and Advocacy Services are provided by Flagship Global Health Inc. New York, NY
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