The process of analyzing health insurance benefits for your employees can be daunting as a small business. You want to provide options that are inclusive for all of your employees at the best value to them and your business.
As a small business owner, how can you ensure both affordable health insurance rates and a variety of health benefits coverage for a smaller staff and on a limited budget?
We asked Sarah Kramer, director of HR at Total Solutions, for her insights.
“Working with a PEO can open up so many more options for health benefits as a small business provider,” Sarah said. “I always say it is the power in numbers mentality, where you are going to find better rates and options under a PEO than you would find as a standalone small business.”
What is a PEO?
A Professional Employer Organization (PEO) provides small and mid-size businesses with HR consulting and solutions, including payroll processing, workers’ compensation, and employee benefits, among other services.
“PEOs also assume a limited amount of employer responsibilities like administrative tasks, employee matters, and payroll efforts, freeing up time for small business owners to focus on their core business strategies,” added Sarah.
Instead of committing to a business package with unnecessary services and too much (or too little) support, work with a talent-sharing company that provides you with customized services and the exact expertise that you’re looking for.
Small businesses that offer their employees benefits through a PEO have reduced employee turnover by over 10% while saving 35% on HR administration.
How PEOs Help with Benefits
There are several advantages that PEOs offer small businesses when it comes to health insurance and benefits.
As Sarah explained, PEOs group the employees of businesses they work with to offer access to benefit options typically afforded to larger organizations that have the numbers and resources to negotiate better deals.
- Curated Health Insurance Carriers
Not only do PEOs have access to better and more options, but they do the tedious work of sorting through carrier options and analyzing which offer the best value to small businesses. So you can feel confident that the options offered to you are provided by a knowledgeable partner.
PEOs handle all of the health insurance tasks, including the carrier relationship, policy selection, annual renewal, and open enrollment!
“Investing in health benefits that meet the needs of your employees shows them that you care and enhances their experience as a member of your team, improving company culture and staff turnover,” Sarah explained.
Your PEO Partner
Working with a PEO helps small businesses get better health insurance options with less hassle.
At Total Solutions, we believe in partnering with our clients to find the best solution to meet your individual needs.
“I would love to talk with anyone who has questions about the health insurance options available to them,” commented Sarah. “It’s a complex process that we’re here to help with, so you’re not in it alone.”
Learn more about our PEO services here.