Employer Benefits

ExecSelect offers businesses one of the most cost-effective ways to boost their underlying health plan benefits for select employees who grow and sustain their company – while also differentiating the company’s overall compensation and benefits package from competitors.  In addition to providing businesses with a valuable tool for attracting new high-level talent, our plan helps contribute to the satisfaction, health, productivity and retention of all key employees that businesses choose as plan participants. Our plan also offers numerous other benefits, including:

Modest, Fixed Annual Premium + Generous Annual Maximum
Our plan’s fixed annual premium of $500 per key employee covers the employee, his/her spouse or domestic partner as well as children up to age 26 – regardless of pre-existing conditions. Unlike other excepted benefits plans, no additional fixed premium is required after the annual premium is paid. Additionally, ExecSelect offers a generous annual maximum reimbursement of $100,000 per covered employee.
 
Covers Out-Of-Pocket Health Care Expenses 
Our plan covers virtually all expenses not covered by an employee’s basic health plan:*

  • Deductibles, coinsurance and co-pays
  • Annual physicals and preventative screenings
  • Prescription drugs and certain over-the-counter drugs
  • Dental care and orthodontia
  • Vision care, including eyeglasses and contact lenses
  • Hearing aids and examinations
  • Chiropractic services
  • Smoking cessation programs
  • Speech therapy
  • Private-duty nursing and in-home healthcare
  • Physical therapy services
  • Inpatient/outpatient care for psychiatric disorders
  • Facilities and treatment for alcohol and/or drug abuse
  • Expenses for diagnosis and treatment of infertility
  • Medical supplies and equipment

*  Some limitations and exclusions may apply. Refer to our policy or plan representative for more information.

Tax-Free Premium Costs
ExecSelect's fixed annual premium and annual variable premiums per selected employee are tax deductible to the employer as reasonable business expenses.

Valuable Tax-Advantaged Employee Benefit**
Claim reimbursements paid to key employees are typically excluded from the employee’s gross annual income – thus providing them with a valuable tax-advantaged compensation benefit. 

 **Sankaty Light Benefits does not provide tax, legal or accounting advice. The material in these presentations is set forth for informational purposes, and is not intended to provide, and must not be relied on for, tax or accounting advice. Readers should consult their own tax, legal and accounting advisors for advice on their specific situation.
 
Cost-Efficient Variable Premium
Our industry-competitive variable premium equals the 115.5% of the total claim amount (which is due only if and when such claim is approved), and is also tax-deductible for the employer. Our plan additionally features a “per occurrence” claim limit of 10% of the plan’s annual maximum – or $10,000, which protects employers from claims exceeding that amount.

AD&D Coverage At No Extra Cost
As a value-added benefit, our plan includes Accidental Death & Dismemberment (AD&D) coverage at no additional charge. If a Sankaty insured employee loses his/her life due to a covered accident, our plan pays a $100,000 benefit to the employee’s designated beneficiary. If a covered accident results in the loss of a limb or eyesight, a portion of the benefit is paid according to the severity of the injury. The AD&D benefit only covers the insured employee, is reduced to 70% at age 70, and terminates at age 80. Spouses and dependents are not eligible for AD&D coverage. (Other limitations and exclusions apply; refer to our policy or plan representative for more information.)

24/7 Worldwide Coverage
ExecSelect covers your key employees (and eligible dependents) whenever and wherever they travel.

No Waiting Period
All businesses with underlying health care insurance plans that meet Sankaty’s eligibility requirements are promptly approved. In addition, our plan covers participating employees as well as their spouse or domestic partner and children up to age 26, regardless of pre-existing conditions.

Targeted Business Design
ExecSelect is perfect for small- to mid-size businesses that want to offer added insurance coverage and benefits to key employees without tax consequences or prohibitive costs. 

Superior Customer Service
ExecSelect provides your employees with an unmatched customer experience, including easy and HIPPA-compliant online claims submission, rapid claims processing, and direct claim reimbursements to the employee’s bank account.

If you would like more information about ExecSelect please contact us at 844.726.5289 or info@Sankatylight.com and we will be pleased to assist you.