Discrimination favoring management or highly paid employees is not permitted for deductible health and accident insurance plans. For self-insured medical reimbursement plans (i.e., direct payment or reimbursement by the employer of the medical bills of the employee or family), no discrimination, either in eligibility or benefits, is permitted if "highly compensated individuals" are to receive all plan benefits tax-free. The plan must benefit, in general, at least 70% of employees who are not highly compensated employees. However, there are exceptions. A "highly compensated employee" is one who has a significant ownership interest in the company, or who is one of the five highest paid officers or employees. An alternative designation is an income threshold, currently $80,000. If a self-insured plan is discriminatory, an employee who is considered a highly compensated employee must include the amount of discriminatory benefits received in gross income.
Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees A Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a formal agreement adopted by a corporation in Palm Beach, Florida, to establish a self-insured medical payment plan specifically for its key employees. This resolution outlines the company's commitment to providing customized healthcare benefits to its key executives or high-level employees. The purpose of this resolution is to create a comprehensive medical payment plan that caters to the unique needs and requirements of the identified key employees within the Palm Beach-based corporation. By opting for a self-insured plan, the company takes on the financial risk of providing medical benefits directly to its key employees, rather than relying on external insurance carriers. This resolution includes various key components to ensure the effective implementation and administration of the self-insured medical payment plan. Some crucial elements may include: 1. Identification of Key Employees: The resolution would specifically define the group of employees eligible to participate in the self-insured medical payment plan, typically limited to executives or higher-level personnel. 2. Scope of Medical Benefits: The resolution would outline the scope of medical benefits covered by the plan, including preventive care, hospitalization, surgical procedures, prescription medication, and other necessary medical treatments. It may also specify coverage limits or exclusions for certain services. 3. Funding Mechanism: The resolution would establish a dedicated fund or funding mechanism to finance the self-insured plan. It may include provisions for employer contributions, employee contributions, or a combination of both. 4. Administration and Oversight: The resolution would designate a responsible party or committee to oversee the plan administration, claim processing, and management of the fund. It may also outline procedures for handling claims, dispute resolution, and keeping comprehensive records. Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees aims to provide a customized and cost-effective healthcare solution for top-performing employees within the corporation. By self-insuring, the company retains more control over the plan design, cost management, and healthcare provider networks. Different types of Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plans for Key Employees might be tailored for specific categories of key employees, such as: 1. Senior Executive Plan: A plan exclusively designed for senior-level executives, providing enhanced benefits, specialized medical networks, and personalized healthcare services to meet their unique requirements. 2. Sales and Marketing Plan: A plan focused on key employees specializing in sales and marketing, offering additional benefits like wellness programs, incentives, or rewards to motivate and retain these vital contributors. 3. Technical Expertise Plan: A plan tailored towards key employees with specialized technical skills critical to the company's success. It may include coverage for specialized treatments, consultations, or therapies related to their field of expertise. Each variation of the Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is customized to prioritize the specific needs and concerns of the corresponding employee category, ensuring they receive adequate and targeted healthcare coverage.Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees A Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a formal agreement adopted by a corporation in Palm Beach, Florida, to establish a self-insured medical payment plan specifically for its key employees. This resolution outlines the company's commitment to providing customized healthcare benefits to its key executives or high-level employees. The purpose of this resolution is to create a comprehensive medical payment plan that caters to the unique needs and requirements of the identified key employees within the Palm Beach-based corporation. By opting for a self-insured plan, the company takes on the financial risk of providing medical benefits directly to its key employees, rather than relying on external insurance carriers. This resolution includes various key components to ensure the effective implementation and administration of the self-insured medical payment plan. Some crucial elements may include: 1. Identification of Key Employees: The resolution would specifically define the group of employees eligible to participate in the self-insured medical payment plan, typically limited to executives or higher-level personnel. 2. Scope of Medical Benefits: The resolution would outline the scope of medical benefits covered by the plan, including preventive care, hospitalization, surgical procedures, prescription medication, and other necessary medical treatments. It may also specify coverage limits or exclusions for certain services. 3. Funding Mechanism: The resolution would establish a dedicated fund or funding mechanism to finance the self-insured plan. It may include provisions for employer contributions, employee contributions, or a combination of both. 4. Administration and Oversight: The resolution would designate a responsible party or committee to oversee the plan administration, claim processing, and management of the fund. It may also outline procedures for handling claims, dispute resolution, and keeping comprehensive records. Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees aims to provide a customized and cost-effective healthcare solution for top-performing employees within the corporation. By self-insuring, the company retains more control over the plan design, cost management, and healthcare provider networks. Different types of Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plans for Key Employees might be tailored for specific categories of key employees, such as: 1. Senior Executive Plan: A plan exclusively designed for senior-level executives, providing enhanced benefits, specialized medical networks, and personalized healthcare services to meet their unique requirements. 2. Sales and Marketing Plan: A plan focused on key employees specializing in sales and marketing, offering additional benefits like wellness programs, incentives, or rewards to motivate and retain these vital contributors. 3. Technical Expertise Plan: A plan tailored towards key employees with specialized technical skills critical to the company's success. It may include coverage for specialized treatments, consultations, or therapies related to their field of expertise. Each variation of the Palm Beach Florida Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is customized to prioritize the specific needs and concerns of the corresponding employee category, ensuring they receive adequate and targeted healthcare coverage.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
