The Importance of Executive Medical Reimbursement Plans for Small Business Owners

As a small business owner, your focus is on growth, innovation, and the day-to-day operations of your company. While these priorities are essential, your health is arguably the most valuable asset you have.

Business owners work tirelessly to keep their ventures successful, but often put their health on the backburner. This is where executive medical reimbursement plans come into play, offering a crucial benefit not just for you and your key talent, but also for the business itself.

What Are Executive Medical Reimbursement Plans?

An executive medical reimbursement plan is a healthcare insurance benefit designed specifically for owners and key employees of a company, allowing the company to cover the costs of medical expenses that are typically not covered by traditional health insurance (often called the primary medical plan).

Executive medical reimbursement plans are employer-paid supplemental health insurance plans that:

  • Layer on top of the company’s health plan
  • Reimburse various types of out of pocket healthcare expenses, such as deductibles and coinsurance
  • Expand health coverage far beyond the norm to include mental health, advanced preventive care, wellness, vision and dental
  • Can be offered to select employees (minimum of 2 chosen by you)
  • Are tax deductible for employers (premiums) and non-taxable for employees (benefits)*

This type of add on health insurance for CEOs and business owners, can be structured as part of a total benefits package.

Why Are Executive Medical Reimbursement Plans Important for Small Business Owners?

Executive medical reimbursement plans serve a practical purpose: they support the health of the business owner. Since small business owners often work long hours under considerable stress, staying healthy is essential for maintaining productivity and effective decision-making. Having access to a high quality health benefits allows for early detection of health problems, which can lead to timely interventions that prevent more serious conditions down the line.

Types of Coverage Included in Executive Medical Reimbursement Plans

One of the most attractive aspects of executive medical reimbursement plans is the robust coverage they offer. Unlike traditional (or primary) health insurance plans that may have limitations or exclude certain types of medical care, executive medical reimbursement plans provide more expansive coverage. This is particularly beneficial for executives who may need specialized treatments or advanced preventive services.

A key feature of executive medical reimbursement plans is Executive Physical coverage. These comprehensive health check-ups are tailored specifically for busy executives, often involving a thorough examination, lab tests, and screenings designed to catch health issues before they become serious. Executive physicals go beyond standard check-ups, often including more in-depth tests like cardiovascular screenings, cancer screenings, and advanced imaging. These check-ups can help identify potential health risks early on, allowing for preventive measures to be taken.

In addition to executive physicals, executive medical reimbursement plans often cover other advanced preventative care services. These may include:

  • AI-assisted imaging
  • Galleri testing (for early cancer detection)
  • Biomarker or genetic testing

Such extensive coverage ensures that both the business owner (and their mission-critical leaders) have access to the healthcare they need, when they need it, without having to worry about exorbitant out of pocket healthcare expenses.

ExecuCare: Your Partner in Executive Health

If you’re looking to invest in your health along with the health of your leadership team to set your business up for long-term success, consider ExecuCare. This executive medical reimbursement plan is designed to meet the specific needs of small business owners and leaders. To learn more about how ExecuCare works, click here.

This supplemental health insurance policy is brought to the employer market by ArmadaCare and is underwritten by SiriusPoint America Insurance Company. Insurance plans and coverages vary by state. Please contact us to confirm state availability.

*This is not local, state or federal tax advice as each person and each company is unique. It is recommended that you seek the independent counsel of a professional tax adviser.