Healthcare spending in the United States has been climbing for years. Analysts at the Centers for Medicare and Medicaid Services (CMS) anticipate a 5.8% rise in employer expenses this year, bringing the total to $1.3 trillion.  

According to a recent study, 51% of employees want fully covered healthcare premiums more than any other benefit. Another survey found that 60% of employees would leave their current company for one with better health benefits.  

Employees clearly value good health benefits from their employers. However, with healthcare costs on the rise, many employers are curious how they can offer competitive benefits while staying within budget.  

Partner with a PEO  

Typically, the fewer employees a company has, the higher the rates for benefits. As a result, small businesses struggle to offer the same quality benefits as larger companies at an affordable cost. Professional Employer Organizations (PEOs) can often combine groups to help small businesses access rates similar to those of larger companies. This enables small businesses to afford competitive benefits packages, making them more attractive to top talent. 

In addition to offering affordable rates, PEOs provide a wide range of benefits options that small businesses typically can’t access. For instance, Helpside offers each employee the choice of six medical options, four dental options, and three vision options. This variety enables employees to create a custom benefits package that suits their individual needs while remaining affordable for both the company and the employee. Some employees may prefer a high deductible health plan, while others need a lower deductible to meet their health needs. A PEO can help accommodate these diverse preferences while staying within budget. 

Healthcare Cost Reduction Case Studies 

A civil engineering firm located in Ogden, Utah with 40 employees has saved over $40,000 annually on health insurance premiums since partnering with Helpside. Additionally, they expanded their employee benefits from a single health plan to six health plan options. They are now also able to offer FSAs, HSAs, dental, vision, life insurance, disability coverage, 401(k) plans, and more. 

A law firm based in Surprise, Arizona with 16 employees, has saved over $55,000 annually on health insurance premiums since partnering with Helpside. The savings allows them to offer the rich benefits package they need in order to find the very best employees at an affordable cost. 

With healthcare costs on the rise, employers may feel discouraged. However, partnering with a PEO can provide more benefit options at a lower cost. By leveraging the resources and expertise of a PEO, businesses can offer competitive benefits packages that attract and retain top talent without breaking the bank. 

If you are curious about how Helpside could benefit your company, reach out to us at service@helpside.com