How Does Healthcare PEO Offers A Better Chance Of Health Insurance To The Employees?

What keeps you awake at night? We’re betting that as a small business owner or manager, that list isn’t short; after all, being responsible for not only your own but also the livelihoods of your staff is a tremendous responsibility. If you’re like most business owners, one of the most pressing concerns you have about your firm is the cost of providing healthcare PEO to your workers. In a 2018 survey, nearly 80% of respondents expressed concern about the expense of health benefits. It’s the biggest expense centre for most businesses outside of salaries and payroll, so it’s no surprise that health insurance is on your mind.

Finding reasonably priced health insurance for employees isn’t the only source of concern in this area. Employers must also manage and administer health insurance policies, negotiate with brokers or navigate the market, and plan for the following year’s insurance options. This takes more time and effort from staff, and it costs you money.

What if there was a way to make the entire health-insurance procedure for your employees a lot easier for everyone involved?

Yes, there is! You can have access to health insurance choices that your small business would not be able to obtain otherwise by partnering with a professional employer organisation (PEO).

A PEO health insurance partnership operates like this:

1. The PEO chooses your health insurance options.

The PEO serves as a link between your company and the complicated (and sometimes perplexing!) world of health insurance. For all of their clients — individual companies like yours that join with PEOs — PEOs like Nexus HR choose robust plans from best-in-class health insurance providers; you then offer those plans to your employees.

2. You gain access to health insurance policies that you would not otherwise be eligible for due to your company’s size.

PEO healthcare have access to health insurance not available to small businesses since they are considered major employers. In this tight work market, having these plans could help you stand out.

3. You have a built-in partner in the PEO who manages the plan and assists your employees as needed.

Finding and purchasing health insurance is difficult enough; managing it is even more complex. Your PEO partner maintains your whole carrier relationship on your behalf, so you don’t have to waste time dealing with health insurance. We manage renewals, open enrollment, employee education, onboarding, and even act as an advocate for your employees if a claim issue arises, so you can focus on running your business.

4. Your PEO healthcare partner helps you plan for renewal and open enrollment each year.

Managing escalating health-care costs, negotiations, annual planning, and budgeting is a full-time PEO employment job in and of itself, and for small-business owners trying to do it alone, it may quickly consume all of your free time. PEOs are experienced managers of large group health insurance plans, which is why they are superior to the DIY approach for health insurance. Similarly, PEOs assist with the annual planning process, reducing budgetary shocks while ensuring you have a pulse on how the plan is performing and what your employees may expect from their health insurance benefits in the next year.

As a small business owner, you understand how valuable your time and that of your employees is. When you spend it on time-consuming, difficult duties like health insurance, the productivity of your entire firm suffers, and your team’s knowledge isn’t maximised.

PEOs are a much better alternative because of this. “PEOs have a considerable beneficial influence on their customers in a range of crucial ways,” researchers stated in the white paper PEOs: Good for Businesses and Their Employees.

Allow our Certified PEO to relieve you of the stress of health insurance so you can go back to performing the work you were born to do.

Schedule a discovery call today if you’d like to learn more about how a healthcare PEO might relieve you of the significant burden of selecting and managing health insurance. You may discover that your team has been focusing too much on HR and too enough on the tasks that generate revenue.