EXECUTIVE PHYSICAL PROGRAM

How one financial services firm enrolled 4 key leaders and offset the incremental net cost.

The Industry: Financial services firm

Company Size: 1000 Employees

Initial Challenge + Discovery

  • Leadership and HR team exploring options for providing an Executive Physical (EP) program.
  • Two options:
    • Direct facility contract – Annual cost was approximately $4,000 for each employee; only included the employee.
    • ArmadaCare fully insured solution – Annual cost was approximately $8,000 for each employee and also extended coverage to enrolled spouses.

The Solution

Enrolled 4 Key Leaders

  • The company chose Ultimate Health because it provides coverage for the exam along with coverage and support services for issues discovered as part of the EP. In addition, the Ultimate Health plan lessened the company’s burden on creating and administering a program themselves.
  • By choosing to offer the benefit through a fully insured plan, the company could take advantage of tax-deductible premiums. Plus, enrolled employees received non-taxable reimbursements.
    • The added value of insurance coverage for far more than EPs more than offset the incremental net cost.

*This is not local, state or federal tax advice as each person and company is unique. It is recommended that you seek the independent counsel of a professional tax adviser.
Note: Executive Physicals are non-mandated, elective, pre-packaged, exams performed in addition to the annual physical that is covered by your primary health plan.

Facts & Figures

53% of executive physical patients have new and clinically important diagnoses discovered.

MAYO CLINIC, 2021

In 2021, ArmadaCare members were navigated to over 1,000 executive physicals in more than 200 locations.

ARMADACARE DATA, 2021

Members show a 58% increase in preventive services and 38% increase in wellness services after an executive physical.

ARMADACARE DATA, 2022

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