Choosing the right health insurance for your employees is one of the most important decisions you make each year. It’s a significant chunk of your annual budget – and you need competitive benefits packages in order to attract and retain the best talent. So, it’s not something you can afford to take lightly.
For more and more small to mid-sized companies, the smartest option when it comes to securing the best possible employee health insurance is to partner with a professional employer organization (PEO). As outlined by the National Association of Professional Employer Organizations (NAPEO), the benefits of such a partnership are numerous. But let’s zero in on health insurance.
The PEO Advantage
You can find health insurance for your employees on your own by purchasing through a licensed broker, a health insurance carrier, or the open market. Either way, your options may be limited in comparison to those available to larger employers. You also will likely have limited support for education to help your employees make informed health insurance decisions, and possibly no one to advocate for them should questions or problems arise. A PEO can meet all these needs. Working with a PEO, you:
- Have access to its health insurance carriers. This can be a huge advantage, as your PEO combines employees from all its clients into a pool, which opens the door to options that are typically affordable only to large employers. So, in essence, you are able to offer benefit plans that stand up to or beat even Fortune 500 companies. This is a key factor in keeping your best employees at your company.
- Don’t have to handle time-consuming administrative tasks. Your PEO can handle entire carrier relationships, from initial policy selection to annual renewal, open enrollment, and related employee communications.
- Get help dealing with annual changes. PEOs are well versed and employ experts in health insurance and benefits administration. So, there will be fewer surprises from year to year; you’ll know how well a plan is running and what to expect at renewal time.
- Will have more satisfied employees: Your people need the best health insurance for themselves and their families. Period. And by working with a PEO, you can help them achieve this. You protect your investment in your most important asset – the employees who stick with you and help your company to succeed, day in and day out.
Key HR Has the PEO for You
Key HR offers access to more PEOs and other service providers than any other business of our kind. Let us be your go-to source for comprehensive benefits and other HR solutions custom-tailored to your company and its unique needs. Contact us today to learn more.
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- On August 25, 2021
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