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.
Wyoming Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees A Wyoming Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees is a legal document that outlines the establishment of a self-insured medical payment plan specifically designed for key employees of a corporation operating in the state of Wyoming. This resolution is primarily focused on providing comprehensive healthcare coverage for top-level executives and other essential employees within the company. By opting for a self-insured medical payment plan, the corporation assumes the financial risk of providing medical benefits directly to its key employees, rather than relying on traditional insurance carriers. Key Keywords: Wyoming, corporate resolution, self-insured, medical payment plan, key employees, healthcare coverage, financial risk, traditional insurance carriers. Types of Wyoming Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: 1. Basic Self-insured Medical Payment Plan: This type of resolution outlines the establishment of a self-insured medical payment plan for key employees that covers essential medical expenses such as hospitalizations, surgeries, diagnostic tests, and prescription medications. It may also include provisions for preventive care and routine check-ups. 2. Comprehensive Self-insured Medical Payment Plan: This resolution establishes a self-insured medical payment plan that goes beyond basic coverage, providing additional benefits such as dental and vision care, mental health services, and alternative therapies. The comprehensive plan aims to offer robust healthcare coverage to key employees, ensuring their overall well-being. 3. Executive Self-insured Medical Payment Plan: This type of resolution focuses on providing an exclusive self-insured medical payment plan for high-ranking executives and top-level management within the corporation. It may include specialized services such as concierge healthcare, access to renowned specialists, and personalized medical assistance. 4. Tiered Self-insured Medical Payment Plan: This resolution establishes a self-insured medical payment plan with multiple tiers or levels of coverage for key employees. Each tier offers different benefit levels based on an employee's position, tenure, or contribution to the organization, allowing for more tailored and equitable healthcare coverage. 5. Family Self-insured Medical Payment Plan: This type of resolution extends the self-insured medical payment plan to cover not only key employees but also their immediate family members, including spouses and dependent children. The family plan ensures that the entire household has access to comprehensive healthcare benefits. It is important for corporations in Wyoming to consult with legal professionals specializing in employee benefits and healthcare laws when establishing their self-insured medical payment plans for key employees. This will ensure compliance with state regulations and safeguard the corporation's interests while providing valuable healthcare coverage to its key personnel.
