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While many people in the insurance industry believe that executive benefit plans are no longer viable in light of non-discrimination testing, there has actually been a huge resurgence of interest in these plans as of late. New executive plans are now emerging which include “excepted benefits,” meaning they are not subject to the ACA or Section 105(h) benefit discrimination testing by statutory definition. These new plans will fill a significant gap in the marketplace for employers looking to attract and retain executive-level talent.

 

 

Executive plans are often designed as packages of health benefits, concierge services and other special perks and programs. They may include cash payments that can reduce a member’s out of-pocket expenses for costly medical services like hospitalizations or outpatient surgeries. Many also offer value-added products and services like telemedicine, critical illness coverage and travel assistance programs.

 

At Ternian, we’re seeing a lot of interest in our Executive Plan  product within the large employer market, especially now that some of our competitor’s plans that didn’t pass muster with the new non-discrimination rules have gone away. These employers still need valuable packages to attract seasoned executives and reward them for their hard work and dedication.

 

Our plans offer flat fee cash benefits for specific medical needs—from ER visits to hospital admissions and inpatient surgery. They include up to $100,000 in potential payments. These benefits are non-coordinating, which allows them to be pay out on top of other existing coverage. As a result, the benefits will be more valuable to employees, making the plan a much more effective recruitment and retention tool. Our Executive Plans also features value-added benefits including telemedicine, critical illness and accident coverage, travel assistance and entertainment programs and services.

 

For more information about the IRS guidelines on Section 105 (h) in light of recent changes brought about by healthcare reform, visit http://www.irs.gov/pub/irs-drop/n-11-01.pdf .

 

Learn more about the Executive Plan offered through Ternian Insurance Group.

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