New Tax-Advantaged Health Insurance Plan Offers Cost-effective Workforce Strategy
MIAMI, Jan. 13, 2021 /PRNewswire/ -- The new ExecSelect™ plan from Sankaty Light Benefits offers employers an affordable way to boost healthcare benefits for key employees who drive business profits and growth, while also providing employers with a cost-effective workforce strategy.
"In today's costly healthcare environment and highly competitive workplace, it's difficult – if not cost-prohibitive – for many businesses to provide the level of insurance coverage that top talent seeks," said Steven W. Jacobson, CEO of Sankaty Light Benefits. "Our ExecSelect™ plan solves this dilemma."
According to Jacobson, the fully insured plan provides participants with typically tax-exempt reimbursement for virtually all medical expenses not covered by their company's base health plan – and all premium costs are tax-deductible for employers. He said that ExecSelect™ not only covers deductibles, co-pays, co-insurance and preventative care, but also numerous other medical expenses rarely covered by most health plans today.
Jacobson cited these examples: dental and orthodontia services; vision care, eyewear and Lasik surgery; in-/out-patient treatment for psychiatric care and substance abuse; infertility diagnosis and treatment; hearing aids; chiropractic services; physical therapy; and private-duty nursing/in-home healthcare. "Generally, if an expense is medically necessary and qualifies under IRS Code Section 213, it is eligible for reimbursement under our plan," he explained.
"Because ExecSelect™ is an excepted-benefits plan and not subject to ACA requirements, it can be offered to select, versus all, employees at the employer's discretion," Jacobson continued. "Additionally, our plan provides a maximum annual benefit of $100,000, which covers the plan participant and eligible dependents – with a per occurrence limit of $10,000. It also includes, at no extra cost, significant AD&D coverage, 24/7 worldwide coverage and emergency travel assistance, and healthcare concierge services," he said.
"Our plan is significantly different from HSAs, HRAs and other consumer health accounts, which are limited in funds and what those funds can be used for," added Jacobson. "And unlike the latter, our plan provides real insurance coverage, benefits and value."
Introduced in October 2020, ExecSelect™ is underwritten by U.S. Fire Insurance Co., an affiliate of Crum & Forster – a worldwide leader in insurance products and services. Sankaty Light Benefits is a Miami-based, privately held healthcare and insurance company committed to providing innovate, cost-efficient solutions to today's healthcare environment. For more information: visit www.sankatylight.com or call 844-726-5289.
Contact:
Elena Bennett (404.510.6042)
[email protected]
SOURCE Sankaty Light Benefits
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