“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.
