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.
Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: A Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a legal document created by a corporation in Georgia to establish a self-insured medical payment plan specifically tailored for its key employees. In this resolution, a corporation outlines the details and guidelines for providing healthcare coverage to its key employees through a self-funded plan. Keywords: Georgia, corporate resolution, self-insured, medical payment plan, key employees, healthcare coverage, self-funded plan. This type of resolution aims to offer comprehensive health benefits to a corporation's key employees, who are vital to the success and growth of the organization. By opting for a self-insured medical payment plan, the corporation takes on the financial risk associated with providing healthcare coverage directly, rather than relying on traditional health insurance providers. The Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees typically includes the following key elements: 1. Objectives and Purpose: The resolution outlines the goals and objectives of the self-insured medical payment plan, emphasizing the intention to provide competitive and comprehensive healthcare benefits to key employees. 2. Eligibility Criteria: The resolution defines the criteria for employees to be considered "key employees" who qualify for coverage under the self-insured medical payment plan. This may include factors such as job position, length of service, or specific qualifications. 3. Plan Administration: The resolution identifies the responsible parties within the corporation who will oversee the administration of the self-insured medical payment plan. This may include a designated plan administrator or a committee responsible for decision-making related to the plan's operation. 4. Funding and Reserves: The resolution outlines the funding mechanism for the self-insured medical payment plan, including how the corporation will set aside funds to cover healthcare expenses. It may also address the establishment and maintenance of reserve funds to ensure the plan's sustainability. 5. Plan Benefits and Coverage: The resolution describes the scope of benefits and coverage provided by the self-insured medical payment plan. It may include details such as preventive care, hospitalization, prescription drugs, and other medical services covered under the plan. 6. Cost-Sharing and Employee Contributions: The resolution addresses the cost-sharing arrangements between the corporation and its key employees. This may involve outlining the percentage of healthcare costs covered by the plan and whether employees are required to contribute towards premiums or deductibles. 7. Compliance and Legal Considerations: The resolution includes provisions to ensure compliance with applicable state and federal laws, such as the Employee Retirement Income Security Act (ERICA) and the Affordable Care Act (ACA). It may also stress the importance of seeking legal counsel to ensure adherence to specific regulations. Types of Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: Different corporations in Georgia might have variations in their resolutions' details based on their specific needs and circumstances. However, the core elements mentioned above typically remain constant, as they form the foundation of any self-insured medical payment plan for key employees in Georgia. In conclusion, a Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a legally binding document that outlines the corporation's commitment to provide comprehensive healthcare benefits to its key employees through a self-funded plan. This resolution ensures that the plan's objectives, eligibility criteria, administration, funding, benefits, cost-sharing, and compliance are clearly defined, protecting the interests of both the corporation and the key employees it aims to support.Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: A Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a legal document created by a corporation in Georgia to establish a self-insured medical payment plan specifically tailored for its key employees. In this resolution, a corporation outlines the details and guidelines for providing healthcare coverage to its key employees through a self-funded plan. Keywords: Georgia, corporate resolution, self-insured, medical payment plan, key employees, healthcare coverage, self-funded plan. This type of resolution aims to offer comprehensive health benefits to a corporation's key employees, who are vital to the success and growth of the organization. By opting for a self-insured medical payment plan, the corporation takes on the financial risk associated with providing healthcare coverage directly, rather than relying on traditional health insurance providers. The Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees typically includes the following key elements: 1. Objectives and Purpose: The resolution outlines the goals and objectives of the self-insured medical payment plan, emphasizing the intention to provide competitive and comprehensive healthcare benefits to key employees. 2. Eligibility Criteria: The resolution defines the criteria for employees to be considered "key employees" who qualify for coverage under the self-insured medical payment plan. This may include factors such as job position, length of service, or specific qualifications. 3. Plan Administration: The resolution identifies the responsible parties within the corporation who will oversee the administration of the self-insured medical payment plan. This may include a designated plan administrator or a committee responsible for decision-making related to the plan's operation. 4. Funding and Reserves: The resolution outlines the funding mechanism for the self-insured medical payment plan, including how the corporation will set aside funds to cover healthcare expenses. It may also address the establishment and maintenance of reserve funds to ensure the plan's sustainability. 5. Plan Benefits and Coverage: The resolution describes the scope of benefits and coverage provided by the self-insured medical payment plan. It may include details such as preventive care, hospitalization, prescription drugs, and other medical services covered under the plan. 6. Cost-Sharing and Employee Contributions: The resolution addresses the cost-sharing arrangements between the corporation and its key employees. This may involve outlining the percentage of healthcare costs covered by the plan and whether employees are required to contribute towards premiums or deductibles. 7. Compliance and Legal Considerations: The resolution includes provisions to ensure compliance with applicable state and federal laws, such as the Employee Retirement Income Security Act (ERICA) and the Affordable Care Act (ACA). It may also stress the importance of seeking legal counsel to ensure adherence to specific regulations. Types of Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: Different corporations in Georgia might have variations in their resolutions' details based on their specific needs and circumstances. However, the core elements mentioned above typically remain constant, as they form the foundation of any self-insured medical payment plan for key employees in Georgia. In conclusion, a Georgia Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a legally binding document that outlines the corporation's commitment to provide comprehensive healthcare benefits to its key employees through a self-funded plan. This resolution ensures that the plan's objectives, eligibility criteria, administration, funding, benefits, cost-sharing, and compliance are clearly defined, protecting the interests of both the corporation and the key employees it aims to support.
