Top Health Insurance Coverage for Business Owners & CEOs
As a business owner or CEO, you are constantly balancing both personal and professional responsibilities. Take choosing the right health insurance coverage, for instance. The company medical plan you provide your staff might not be the ideal choice for your (and your family’s) health needs. In fact, it’s unlikely to be what you’d consider “business owner health insurance,” tailored specifically to the unique pressures and challenges you face.
Let’s explore why specialized health insurance for business owners and CEOs is so critical, and how you can secure the top health insurance coverage that meets your distinct needs.
The Health Needs of CEOs, Business Owners and Leaders
High stress is a common reality for business owners and executives, who face long hours, frequent travel, back-to-back meetings, and the heavy responsibility of making critical decisions, all of which can significantly impact physical and mental health. The demands of running a business leave little time for self-care, making business owners more susceptible to illnesses, burnout and other health issues.
Unfortunately, traditional health insurance plans and wellness initiatives are designed for the general population. Health concerns for CEOs and business owners go beyond routine check-ups; they require robust specialized coverage that addresses both physical and mental well-being, as well as advanced preventive care.
Specialized Health Insurance for Business Owners
So, what does specialized or top health coverage for business owners and leaders look like? There are multiple layers of coverage:
- Gap Coverage: Many business owners face significant gaps in their company medical plans, such as high deductibles, coinsurance, and exclusions. Specialized coverage helps fill these gaps, minimizing frustrations with the company medical plan.
- Expanded Coverage: Business owners would benefit from wide-ranging care, such as brand-name prescriptions, dental and vision treatment, and mental health services. These benefits are often excluded from standard company health plans.
- Wellness & Preventative Treatments: Health insurance for CEOs should go beyond basic care, offering options for wellness treatments like prescribed massage therapy, advanced preventive services (such as elective executive physicals, genetic testing and AI-imaging). These benefits are designed to help business owners stay ahead of health issues, rather than reacting when problems arise.
Deductibles,
Co-pays,
Coinsurance,
In Vitro Fertilization,
Hearing Aids,
Extra PT Visits
Medical
Co-Pays,
Brand Name,
Non-Formulary,
Lifestyle Prescriptions
Prescriptions
Psychotherapy,
Cognitive-Behavioral Therapy,
Counseling,
Substance Use Treatment
Mental Health
Acupuncture,
Prescribed Massage Therapy,
Chiropractic Care,
Naturopathic Medicine
Wellness
Elective Executive Physicals,
Genetic Testing,
Grail Test,
AI-Assisted Imaging
Advanced Prevention
Cleanings, X-Rays, Adult & Child Orthodontia, Crowns, Bridges, Implants
Dental
LASIK Eye Surgery,
Contact Lenses,
Brand Name Prescription Glasses or Sunglasses
Vision
How Business Owners Can Secure Specialized Health Insurance
With the compliance landscape post-ACA, business owners must carefully consider their options for top health insurance. It’s important that any program implemented is fully insured, not self-funded. Self-funded or cost-plus arrangements are subject to penalties and tax liabilities from the IRS and Department of Labor (DOL).
One option that addresses the health needs of executives, provides robust coverage and checks all the compliance boxes is the fully insured supplemental executive medical reimbursement plan, ExecuCare, provided by ArmadaCare.
This plan gives business owners a way to:
- Separate Personal and Business Needs: Instead of providing an expensive primary health plan for the entire company, adding an executive health plan can be tailored to meet the specific needs of the business owner, executives, and their families. This approach keeps business expenses in check while securing the specialized care needed.
- Layer on Specialized Coverage: With an executive medical reimbursement plan, you add extra layers of coverage that go beyond what’s available in your company’s primary health plan. This ensures you’re receiving the wide-ranging support needed to stay healthy and focused on running the business.
- Be Tax-Smart: Another advantage of executive health plans, like ExecuCare, is their ability to offer tax efficiency. Personal health expenses paid through an insured executive reimbursement plan are generally non-taxable to the enrolled executives.*
By choosing a fully insured add-on executive medical reimbursement plan, business owners can secure both specialized health insurance coverage and financial efficiency. It’s a smart, strategic way to invest in personal well-being without overburdening the company with excessive health insurance costs.
Conclusion
As a business owner or CEO, your health is invaluable not just to you, but to the success of your company. By selecting specialized health insurance that addresses the unique demands of your role, you can focus on leading your business without the worry of inadequate or insufficient health insurance coverage.
From gap coverage to expanded wellness benefits, top health insurance coverage for business owners ensures you stay healthy and energized, ultimately supporting your ability to make strategic decisions and drive your business forward. With the executive medical reimbursement plan, ExecuCare, you can balance your personal and business needs effectively, saving both time and money while prioritizing your health.
*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.
The ExecuCare plans are supplemental health insurance policies which have been developed by ArmadaCare LLC and are underwritten by SiriusPoint America Insurance Company, form series SASM 1000, et. al. Insurance plans and coverages vary by state. Please contact us to confirm state availability.