There are plenty of pros with getting health insurance for your employees through a PEO (Professional Employer Organization) provider. In this blog post we look into 4 important elements to consider when making that important decision for your company.
So, if you’re a business owner or HR professional looking to simplify your employee benefits administration, keep reading to learn more about PEOs and employee health insurance.
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The Benefits of PEO Health Insurance
In today’s competitive business landscape, small and medium-sized businesses face several challenges in managing employee benefits, especially health insurance. Providing comprehensive and affordable health insurance to employees is not only essential for attracting and retaining top talent, but it also helps promote a healthy work culture.
However, many small businesses struggle to navigate the complex landscape of employee health insurance, and that’s where a PEO can be extremely helpful.
#1. Access to group rates
Working with a PEO can save your company significantly since they can typically negotiate better group health insurance rates as opposed to what a small business can do on their own. Cost savings are one of the top reasons to consider PEO group health insurance.
#2. Comprehensive coverage
If you have a lot of employees, their level of need will vary and PEOs normally offer a wide range of health insurance plans.These include options like dental and vision coverage, which allow your company to provide more comprehensive coverage for your employees along with customization and flexibility.
#3. Administration support
The biggest advantage for a small business is that a PEO can handle the administrative tasks associated with managing health insurance benefits, such as open enrollment, managing payroll deductions, and dealing with insurance carriers. They can also work in tandem with you to make sure they are aligned with your overall employee communication, which can be a job in itself.
#4. Compliance expertise
Additionally, PEOs have vast knowledge and experience in federal and state regulations governing health insurance benefits, which can help ensure that the business stays in compliance with all applicable laws.
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With PEO Health Insurance, Everybody Wins
Ultimately, working with a PEO for your health insurance can help to address your business’s specific needs and priorities. Spend time weighing the potential benefits carefully, ask the right questions, and assess what your health insurance needs will be.