As one of the biggest line items in any organization’s budget, employee healthcare should be a central conversational point for all nonprofit leaders, especially in the months leading up to renewal. Understanding the details of the current plan, as well as creative alternatives that might provide better benefits for less money, are critical to ensuring the financial health of the organization and the physical (and financial) wellbeing of employees. Leaving these discussions to the last minute – or not having them at all – can leave everyone vulnerable to the rising costs of healthcare.
Starting the conversation begins with five questions that examine the organization’s relationship towards healthcare, how the current broker is supporting the organization, and how the existing plan is serving employees:
Being involved in employee healthcare decisions is both an ethical and fiduciary responsibility for nonprofit leaderships teams. It’s imperative for the growth and sustainability of your organization to begin these conversations as early as possible to ensure that the best possible healthcare choice is made for the organization and its employees. For more details on how leadership teams can become more involved in employee healthcare decisions, please download our guide Three Steps Nonprofits Should Take Before Renewing.
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose