When senior executives suddenly fall ill or struggle to manage chronic health concerns, the impact can be especially high—and costly—for small to mid-sized businesses. Executive health benefits help mitigate the risk and support business continuity, yet plan sponsors may assume that’s a perk only large companies can afford.
That may have been true 10 years ago, but today’s offerings are far more customizable to employers’ needs and budgets.
“We are seeing increased interest. Most small businesses do not realize the programs exist and we are educating them for the first time around what they are and how they work,” confirms Gavin Mosley, Group Benefits Consultant at Mosley Group Benefits, a member firm of Benefits Alliance.
Even sole proprietorships have options. “Their entire business relies 100 per cent on them being healthy, so they see the value in a program like this,” says Mosley.
First, a look in the mirror
Business leaders don’t always recognize their own needs, which could be another barrier to the implementation of executive health benefits in smaller organizations. The type A personalities that tend to define senior executives may ironically prevent them from recognizing a potentially serious threat to the bottom line.
“A lot of these executives are working more than 40-hour weeks. These people are running hot,” observes Mosley.
The long work hours and constant stress inevitably take a toll physically and/or mentally, yet if it’s a choice between neglecting their work or neglecting their health, an organization’s highest performers are apt to relegate the latter to the back burner.
“I think half the executives I talk to could probably qualify for disability, but they’re hammering through. That’s the environment of some of these executive teams,” says Mosley.
Valuing performance and people
Such an environment increases the risk of illness—and disruption in the business. Executive health benefits can reduce those risks in ways that traditional group health insurance plans cannot—and make treatment options available “where the public system falls short,” notes Mosley.
For example, he recalls several clients that recently benefited from expedited magnetic resonance imaging (MRI) services. “The employees were told they could have something serious or might need surgery, but they wouldn’t know for sure until they had an MRI, which would have been a three-month wait. Their private plan sent them for the MRI within the week so that they could move forward with their treatment journey,” says Mosley.
Today’s offerings help business leaders stay on top of their health conditions, prioritize their well-being and get speedy access to local and global medical experts. Programs can be customized for groups at different levels within the organization, and limited to executives or extended to spouses and dependents.
Preventative care and coaching have also come a long way. For example, pharmacogenetic or DNA testing identifies nutritional deficiencies and guides the optimal use of prescription drugs. Programs for mental health and medically supervised weight loss are available, among others, supported by virtual services for greater convenience and continuity.
Executive health benefits also send an important message in a highly competitive labour market. “Having this type of program makes it easier for someone who’s managing a chronic illness to feel valued working there,” Mosley says. “As we drive revenue, drive our business, lead our teams, how are we taking care of our highest performers?”