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.
Bronx New York Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: A Comprehensive Overview A corporate resolution is a legal document adopted by the board of directors of a company that enables the establishment and management of important company policies and initiatives. In the case of Bronx, New York, companies, one such resolution that may be considered is the establishment of a self-insured medical payment plan specifically designed for key employees. A self-insured medical payment plan is an alternative approach to traditional health insurance, whereby a company takes on the financial risk of providing medical coverage for its employees directly, rather than purchasing insurance from a third-party provider. This approach allows companies to have more control over their healthcare costs while tailoring the plan to meet the specific needs of their key employees. By adopting a corporate resolution to establish a self-insured medical payment plan for key employees, businesses in the Bronx, New York area can ensure that their most valuable and integral team members receive customized healthcare benefits. This resolution outlines the parameters and guidelines for the plan, including coverage options, eligibility requirements, cost-sharing provisions, claims administration procedures, and appeals processes. Keywords: Bronx, New York, corporate resolution, self-insured, medical payment plan, key employees, healthcare benefits, coverage options, eligibility requirements, cost-sharing provisions, claims administration, appeals processes. Types of Bronx New York Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: 1. Comprehensive Medical Payment Plan: This type of resolution establishes a self-insured medical payment plan that covers a wide range of medical services, including preventive care, hospitalization, prescription drugs, and specialist consultations. It aims to provide extensive coverage to key employees while promoting health and wellness within the company. 2. High-Deductible Health Plan (DHP) Option: Some resolutions may include an DHP option, allowing key employees to opt for a self-insured plan with a high deductible. This type of plan generally offers lower premium costs while requiring employees to pay more out-of-pocket until they reach the deducible limit. It may be suitable for those who prefer to take on a higher level of risk in exchange for lower monthly premiums. 3. Flexible Spending Account (FSA) Integration: Certain resolutions might include provisions for integrating a flexible spending account into the self-insured medical payment plan. An FSA allows employees to contribute pre-tax dollars to cover eligible medical expenses not covered by the self-insured plan, further enhancing the overall benefits package and providing flexibility to key employees. 4. Wellness Initiatives and Incentives: Some resolutions may also include provisions for wellness initiatives and incentives to encourage key employees to prioritize their health. This can involve offering gym memberships, wellness programs, smoking cessation support, and health screenings. By promoting a healthy lifestyle, companies aim to reduce healthcare costs and boost employee productivity. In conclusion, the Bronx, New York corporate resolution establishing a self-insured medical payment plan for key employees is a strategic initiative that allows companies to effectively manage healthcare costs while providing tailored benefits to their most critical team members. The resolution outlines the plan's details, including coverage options, eligibility requirements, cost-sharing provisions, claims administration procedures, and appeals processes. By considering various types of self-insured plans, companies can choose the most suitable option to meet their employees' needs and promote a healthy and thriving workforce.Bronx New York Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: A Comprehensive Overview A corporate resolution is a legal document adopted by the board of directors of a company that enables the establishment and management of important company policies and initiatives. In the case of Bronx, New York, companies, one such resolution that may be considered is the establishment of a self-insured medical payment plan specifically designed for key employees. A self-insured medical payment plan is an alternative approach to traditional health insurance, whereby a company takes on the financial risk of providing medical coverage for its employees directly, rather than purchasing insurance from a third-party provider. This approach allows companies to have more control over their healthcare costs while tailoring the plan to meet the specific needs of their key employees. By adopting a corporate resolution to establish a self-insured medical payment plan for key employees, businesses in the Bronx, New York area can ensure that their most valuable and integral team members receive customized healthcare benefits. This resolution outlines the parameters and guidelines for the plan, including coverage options, eligibility requirements, cost-sharing provisions, claims administration procedures, and appeals processes. Keywords: Bronx, New York, corporate resolution, self-insured, medical payment plan, key employees, healthcare benefits, coverage options, eligibility requirements, cost-sharing provisions, claims administration, appeals processes. Types of Bronx New York Corporate Resolution Establishing a Self-insured Medical Payment Plan for Key Employees: 1. Comprehensive Medical Payment Plan: This type of resolution establishes a self-insured medical payment plan that covers a wide range of medical services, including preventive care, hospitalization, prescription drugs, and specialist consultations. It aims to provide extensive coverage to key employees while promoting health and wellness within the company. 2. High-Deductible Health Plan (DHP) Option: Some resolutions may include an DHP option, allowing key employees to opt for a self-insured plan with a high deductible. This type of plan generally offers lower premium costs while requiring employees to pay more out-of-pocket until they reach the deducible limit. It may be suitable for those who prefer to take on a higher level of risk in exchange for lower monthly premiums. 3. Flexible Spending Account (FSA) Integration: Certain resolutions might include provisions for integrating a flexible spending account into the self-insured medical payment plan. An FSA allows employees to contribute pre-tax dollars to cover eligible medical expenses not covered by the self-insured plan, further enhancing the overall benefits package and providing flexibility to key employees. 4. Wellness Initiatives and Incentives: Some resolutions may also include provisions for wellness initiatives and incentives to encourage key employees to prioritize their health. This can involve offering gym memberships, wellness programs, smoking cessation support, and health screenings. By promoting a healthy lifestyle, companies aim to reduce healthcare costs and boost employee productivity. In conclusion, the Bronx, New York corporate resolution establishing a self-insured medical payment plan for key employees is a strategic initiative that allows companies to effectively manage healthcare costs while providing tailored benefits to their most critical team members. The resolution outlines the plan's details, including coverage options, eligibility requirements, cost-sharing provisions, claims administration procedures, and appeals processes. By considering various types of self-insured plans, companies can choose the most suitable option to meet their employees' needs and promote a healthy and thriving workforce.
