Health insurance, like many other benefits, can be a great incentive and help you find and keep the best employees. Generally, employees will be more motivated and loyal if they receive benefits from their employer that help them and their families. One of the most common employee benefits is health insurance. While it is common for a small business to offer health insurance to employees, it is no easy task. Many of the challenges associated with offering health insurance can be resolved by working with a PEO. Here are some of the benefits of offering health insurance through a PEO:
Usually the fewer employees you have, the higher the rates are for benefits. This means that small businesses have trouble offering the same quality benefits as larger companies at an affordable cost. PEOs are often able to combine groups together to allow small businesses to access similar rates as larger companies. This makes it possible for small businesses to afford a competitive benefits package and be more likely to attract great employees.
Working with a PEO allows small businesses to outsource benefits administration including new employee enrollment, annual open enrollment, and legally required notifications. Spending your time helping an employee add a dependent to their health plan or understand an explanation of benefits doesn’t add revenue to your business. None of this work adds new customers or takes care of existing customers. Yet, these tasks are what eat up a lot of your day. The benefits experts at a PEO can remove that burden.
Most small business leaders are not benefits experts. PEOs have professionals on staff to help clients stay in compliance and avoid costly penalties. From COBRA, to FMLA, there are many laws that impact employee benefits. Partnering with a PEO will ensure you are able to consult experts while you offer your employees high quality health insurance.
In addition to affordable rates, PEOs provide a variety of benefits options that aren’t typically available to small businesses. Helpside, for example, offers each employee the choice of six different medical options, four dental options and three vision options. Because of this, your employees can choose a custom benefits package that suits their needs and if affordable for the company and the employee. Some of your employees may do better with a high deductible health plan while others need a lower deductible to fit their health needs. A PEO can help accommodate both opposing needs while staying in budget.
Want to Partner with a PEO?
If you want to explore what offering benefits through a PEO would look like for your company, or if you have any questions about benefits, reach out to Helpside at email@example.com.