Management Companies are setup as a Distribution Focus, Hybrid or Operating Company. You can find more information here: https://vcl.to/ManCo-strategy
The majority of new and emerging mangers will setup their Management Companies as Distribution Focus. In this case, the healthcare plan maybe setup at the individual level, but not at the company level. If the Management Company is setup as an Operating Company, which is more typical for larger enduring VC firms, then the healthcare plan will be setup at the company level.