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.
Title: Exploring the New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees Introduction: The New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is an essential document for businesses operating in the state. This resolution outlines specific details and requirements for implementing a self-insured medical payment plan, which provides healthcare benefits for key employees. In this article, we will delve into the intricacies of this resolution and highlight its various types. Key Keywords: New Hampshire, corporate resolution, self-insured, medical payment plan, key employees. 1. Understanding the Importance of the New Hampshire Corporate Resolution: The New Hampshire state law mandates that businesses establish a corporate resolution when implementing a self-insured medical payment plan for key employees. This resolution formalizes the organization's commitment to providing comprehensive healthcare coverage for their valuable employees. 2. Essential Components of the Corporate Resolution: A New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees generally includes the following key elements: a. Definition of Key Employees: This section defines which employees are eligible for participation in the self-insured medical payment plan, typically focused on high-level executives or individuals critical to the company's success. b. Plan Design and Coverage: The resolution must detail the plan's specific coverage, such as medical, dental, vision, and potentially other benefits provided to key employees and their eligible dependents. c. Funding Mechanism: The resolution must establish the method for funding the self-insured medical payment plan, whether through the company's own assets or through third-party arrangements. d. Plan Administration: This portion outlines the responsibilities and duties of the plan administrator, who will oversee various aspects like claims processing, provider networks, and compliance with federal and state regulations. 3. Different Types of New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: While there may not be specific named variations of this resolution, it can be customized based on the unique needs and preferences of each business. Some potential classifications for these resolution types could include: a. Comprehensive Medical Payment Plan: This resolution type covers a wide range of medical services, including preventive care, hospitalization, surgeries, prescription drugs, and more. b. Specialty Medical Payment Plan: This resolution focuses on providing coverage for specific medical specialties, such as dental, vision, mental health, or alternative therapies. c. Tiered Medical Payment Plan: In a tiered plan, different levels of coverage are offered to key employees based on their position within the organization, ensuring that higher-level executives receive enhanced benefits. Conclusion: A New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a crucial legal document that outlines the terms and conditions surrounding healthcare benefits for qualified employees. Understanding the intricacies of this resolution helps businesses provide comprehensive and customizable healthcare coverage, ensuring the well-being and satisfaction of their key employees.Title: Exploring the New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees Introduction: The New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is an essential document for businesses operating in the state. This resolution outlines specific details and requirements for implementing a self-insured medical payment plan, which provides healthcare benefits for key employees. In this article, we will delve into the intricacies of this resolution and highlight its various types. Key Keywords: New Hampshire, corporate resolution, self-insured, medical payment plan, key employees. 1. Understanding the Importance of the New Hampshire Corporate Resolution: The New Hampshire state law mandates that businesses establish a corporate resolution when implementing a self-insured medical payment plan for key employees. This resolution formalizes the organization's commitment to providing comprehensive healthcare coverage for their valuable employees. 2. Essential Components of the Corporate Resolution: A New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees generally includes the following key elements: a. Definition of Key Employees: This section defines which employees are eligible for participation in the self-insured medical payment plan, typically focused on high-level executives or individuals critical to the company's success. b. Plan Design and Coverage: The resolution must detail the plan's specific coverage, such as medical, dental, vision, and potentially other benefits provided to key employees and their eligible dependents. c. Funding Mechanism: The resolution must establish the method for funding the self-insured medical payment plan, whether through the company's own assets or through third-party arrangements. d. Plan Administration: This portion outlines the responsibilities and duties of the plan administrator, who will oversee various aspects like claims processing, provider networks, and compliance with federal and state regulations. 3. Different Types of New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: While there may not be specific named variations of this resolution, it can be customized based on the unique needs and preferences of each business. Some potential classifications for these resolution types could include: a. Comprehensive Medical Payment Plan: This resolution type covers a wide range of medical services, including preventive care, hospitalization, surgeries, prescription drugs, and more. b. Specialty Medical Payment Plan: This resolution focuses on providing coverage for specific medical specialties, such as dental, vision, mental health, or alternative therapies. c. Tiered Medical Payment Plan: In a tiered plan, different levels of coverage are offered to key employees based on their position within the organization, ensuring that higher-level executives receive enhanced benefits. Conclusion: A New Hampshire Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a crucial legal document that outlines the terms and conditions surrounding healthcare benefits for qualified employees. Understanding the intricacies of this resolution helps businesses provide comprehensive and customizable healthcare coverage, ensuring the well-being and satisfaction of their key employees.
