I'm pretty sure you can still do it, because you as the flight instructor would just need to be acting as PIC. You can still give them a BFR. It doesn't make mention that a medical is required, or that the pilot taking it needs to be PIC. Technically, the person who is receiving the BFR isn't really exercising the privlidges of his/her certificate. They are receiving dual given from you, the legal PIC.
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