Building an Effective Plan Starts With Understanding Their Purchase “Why”
When recommending a group LTD plan that best fits a physician group, first uncover the reason WHY they are buying or have purchased in the past:
- Are they purchasing in order to check a box for group LTD employee benefits?
- Are they purchasing with an expectation that one day they will rely on policy benefits to protect their financial future and lifestyle?
While this may sound simplistic, clearly framing their purchase intent – why they buy – frames your subsequent cost/features tradeoff conversation. The unfortunate reality is that many physicians buy an employee benefits product expecting specialized coverage. Many are sadly disappointed by the disparity at claim time.
Make Sure They Get What They Pay For
Simply stated, in physician group LTD, the old adage that ‘you get what you pay for’ is especially relevant. Unfortunately, many physician groups go into the purchase with the ‘employee benefit checkbox’ mindset, but expecting their income to be protected. They don’t carefully study the benefits details. Too many are sadly surprised to learn of the serious holes in their coverage when a disability enters their lives.
At a high level, plan design and features fall into two basic camps based on the answer to the ‘why’ question.
Additional Employee Benefit Mindset Insights
Many group insurance carriers include a combination of return to work features and restrictions to get people off claim and help minimize the carrier’s risk. Benefits such as return to work incentives, reasonable accommodation, relocation assistance, and vocational rehabilitation are all designed to incentivize and motivate people back to work. If a Physician group is buying Group LTD with the expectation that they may need to rely on the coverage, these ‘return to work’ policies could create undue stress during claim time.
Maximum Income Protection
Physician groups who are serious about protecting income in the event of a disabling event need specialized protection that will deliver on their expectations at claim time. The MGIS/Sun Life solution can provide coverage that fits their specialized requirements, helps maximize needed benefits, and excludes many of the provisions designed to get people off claim rather than protecting income.
Starting with the ‘why’ question can help uncover their mindset and open the door for discussions that may highlight the realities of what they are paying for.