In the 30 years since the founding of The Benefits Trust on January 1st, 1994, we’ve learned a thing or two about providing high-quality executive benefits to clients. The first area of focus? When designing effective benefits plans for business owners and executives, it’s essential to understand your client’s needs and priorities.
A benefits plan is a promise made between an employer and their employees. However, not every employee will necessarily receive the same promise. Business owners can define groups within their teams, offering various benefits packages. As their benefits advisor, it’s your job to encourage them to determine the groups within the group, whether they do so based on department, time spent with the company, or any other metric they see fit.
Once those groups are defined, it’s time to craft a custom plan that works for the client (remember, creative plan design is the key to lasting and fruitful client relationships). Beginning from the top down, let’s explore how you can provide value through meaningful executive benefits.
Know Your Executive Client
We’ve said it before, and we’ll say it again: understanding your client and their needs is imperative. The best way to gain that understanding is to ask! You can pinpoint what’s important to them through effective communication and future-based questions.
It’s also important to grasp general tendencies among certain groups. Executives and business owners, for example, tend to share a few commonalities:
- They hate paying taxes.
- They hate wasting money (note that wasting money differs from spending money – it all depends on the value received).
- They hate paying insurance premiums.
- They hate paying for medical appointments.
There’s a large subset of the population willing to spend time to save money. Executives and business owners, however, generally prefer to spend money to save time. Understanding this is the key to crafting valuable executive benefits for your clients.
100% Unlimited Plans for Owners and Executives
When it comes to benefits for the owners and executives of a business, we strongly recommend 100% unlimited plans. A fully budgeted ASO solution, this is the most tax-efficient approach for business owners and their families to receive the healthcare they require.
Whether they need prescription drugs, dental work, private rehabilitation facilities, vision care, US-specialized healthcare, or anything else, owners and executives are covered with a 100% unlimited plan that doubles as a strong tax strategy.
Healthcare Navigation with Advica Health
To stand out as an advisor, you must differentiate yourself in the marketplace. Advica Health meets your client’s needs in an entirely new way, helping you create a custom solution to solidify your spot as their benefits provider.
Advica’s mission is to provide expert navigation and personalized healthcare solutions, enabling its members to lead long, healthy lives. Founded in 2007 and the only company of their kind in Canada, Advica serves executives and employees to provide 24/7/365 healthcare support across North America. They provide access to the best (both within the public and private sectors), and expedite the care process. Considering Canada’s average wait time is 27.4 weeks, this service is precious to the busy executive client.
Virtual Healthcare
Advica Health takes a modern approach to suit modern needs. With 33% of plan sponsors interested in providing healthcare system navigation services, Advica’s digital-first approach includes a wide range of services, including preventative testing and family care.
Advica Virtual Health provides live access to physicians in minutes, enabling users to connect in their preferred fashion – via phone, video, or secure messaging. Members can receive prescriptions, labs, and specialist referrals virtually, which Advica Health then facilitates and expedites from start to finish.
Medical Concierge
Clients can easily access best–in–class healthcare– publicly and privately – through Advica’s personal nurse and medical concierge solutions. Backed by a comprehensive network of experts, they will find and schedule diagnostic tests, specialist appointments, and follow-ups for complex cases so the client doesn’t have to. With Advica Health, wait times decrease by an average of 65 days compared to the typical patient in the public healthcare system.
Mental Health Navigation
Although extremely important, mental health care can be notoriously difficult to access. Advica solves that problem by providing simple access to clinicians, psychologists, psychiatrists, and expert physicians. Did you know the average wait time to see a psychiatrist in Canada is 22 weeks? For Advica users, it’s only 14 days.
Advica Health aids users in obtaining diagnoses and second opinions while also providing treatment plan reviews through access to healthcare experts so clients can feel confident that they’re receiving the best care possible.
Preventative Healthcare
Business owners and executives tend to take control, not only within their businesses but regarding their health, too. The preventative health options offered through Advica Health are therefore very appealing to the executive client, with options like microbiome testing, cancer screening, genetic testing, food inflammation testing, and much more made easily accessible and hassle-free.
Add Value with Advica Health’s Executive Gold Plan
For the busy executive looking to save time and avoid frustration, the Executive Gold plan and its many benefits are the perfect addition to your custom benefits plan.
Download the Executive Gold Plan Overview
As an advisor, your job is to provide value to your clients. To do so, you must know your client, the marketplace, and be creative. If your client expresses frustration with the state of healthcare accessibility and if they prioritize ease-of-use and time savings, pointing them toward Advica Health is the perfect way to solve their problems and provide them with the value they seek.
With over 30 years under our belt helping business owners build a better benefits plan than they can get anywhere else, The Benefits Trust knows a thing or two about providing value.
For resources and support in creating successful benefits plans for your executive-level clients, contact The Benefits Trust today. We can point you in the right direction and equip you with the tools to develop lasting, valuable client relationships for years.