“Why didn’t my CPA tell me I could deduct that?”
That’s the reaction we hear all the time when business owners discover BeniComp Select — a little-known benefit that reimburses medical expenses traditional insurance won’t touch… and creates powerful tax savings.
Healthcare costs keep rising. KEY EXECUTIVES are stuck paying out-of-pocket for things like dental, fertility, and LASIK. But there’s a smarter way to cover these costs without ballooning your premiums — and most advisors don’t even know it exists.
What Is BeniComp Select?
BeniComp Select is a fully insured supplemental medical reimbursement plan that reimburses expenses normally excluded from health insurance.
- Covered items often include:
- Deductibles and copays
- Dental, vision, and orthodontia
- Hearing aids, private nursing, and medical supplies
- Fertility and weight-loss programs
- LASIK and other elective but medically necessary procedures
If it qualifies under IRS Section 213, there’s a strong chance it qualifies under BeniComp Select.
Why CPAs Miss It
Most CPAs focus on compliance, not benefit design. Here’s why BeniComp Select stands out:
- Tax Deductibility – Employers deduct reimbursements as a business expense.
- Tax Efficiency – Employees get reimbursements tax-free.
- Executive Benefit – Employers can selectively cover executives and key talent, creating a strong recruitment and retention tool.
This isn’t just another benefit—it’s a strategic compensation lever that lowers taxes, strengthens benefits, and boosts retention.
How It Works – to SELECTIVELY and DISCRIMINATELY take care of EXECUTIVES, OWNERS OF “S’ CORPS and HIGHLY COMPENSATED EXECS:
- Employer sets up the plan and selects covered employees.
- Employees submit claims for qualified, uncovered medical expenses.
- Employer reimburses through the BeniComp Select policy.
- Employer deducts costs. Employee receives tax-free benefits.
The Real-World Impact
- Business Owners – Gain access to deductions that would normally be lost.
- Key Employees – Get relief from real-world medical expenses.
- The Company – Offers richer benefits without inflating salaries or paying for costly group plan riders.
It’s a win-win-win: employees are happier, the company saves money, and business owners unlock hidden tax savings.
Why Act Now
Healthcare costs aren’t slowing down. Employees expect more from their benefits, and forward-thinking companies are already leveraging solutions like BeniComp Select.
Waiting means another year of lost deductions and unhappy employees footing the bill.
Next Steps
At CorpStrat®, we help business owners evaluate strategies like BeniComp Select to see if it’s the right fit.
Let’s talk — reach out today to explore how this overlooked strategy can protect your bottom line and give your team peace of mind.
