Groups such as religious organizations, not-for-profits, and charities often have specific needs for their healthcare plans that conventional off-the-shelf plans cannot accommodate.
Benefits plan advisors have a great opportunity to offer customized benefits to this market.
There are many reasons these types of groups may not currently have a benefits plan in place – most of which can be solved through a custom benefits plan.
For example, some religious organizations may want to offer extended health and dental benefits, but not life insurance because doing so goes against their beliefs. However, for an organization of their size, this level of flexibility is often not available through traditional benefits plans. Due to this, the religious organization may choose not to offer benefits at all.
Not-for-profits and charities also face obstacles when choosing a benefits plan. These organizations typically have budgetary constraints, which can make offering a standard benefits package to all of their employees difficult. When funding is grant-based, set in stone, or dependant upon donations, price increases are not simply unpalatable; they force the group to reduce or terminate benefits.
Unfortunately, most benefits plans for small groups don’t offer the flexibility or cost-containment these groups are looking for. Typical off-the-shelf plans are not well-suited to serve them, instead obliging them to buy coverage they don’t want.
As a result, many religious organizations, not-for-profits, and other special interest groups will simply not buy benefits coverage.
Build a Custom Benefits Plan
These organizations need to be made aware that they do have flexible options available to them – through a customized small group benefits plan.
A custom benefits plan starts with a blank canvas; with your help, these organizations can make precise decisions about the design of their plan. They can have a plan that offers cost control and wraps around their needs, covering exactly what they want and excluding everything else.
When selling to religious organizations, not-for-profits, charities, and other similar groups, advisors who take the time to ask the right questions, understand their needs and values, and work with them to design a custom plan will be able to provide real value to this under-served market.
The Benefits Trust can help advisors customize a benefits plan to fit the unique needs of small groups. Contact us today to build a better benefits plan.
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