As a small business, it is important to offer employee benefits. This helps you compete against larger companies when it comes to maintaining and attracting workforce talent. Unfortunately, medical insurance is always on the rise and is one of the main things employees are looking for. There is a way to combat this though while offering more support to your company. A PEO allows your company to be rated based on demographics. In many instances, this will lead to significantly lower premiums and more benefit-rich plans. Not only is it a solution to your healthcare costs, but a Professional Employer Organization will also support and enhance your HR department.
Curious as to how a PEO can help your small business grow? Join The Medical Link as we examine some of the ways a PEO is better than an expensive medical plan.
The Solutions a PEO Can Offer
While it’s possible to find a medical plan that’s still affordable for your business, it can be challenging to do it on your own. Instead, you can partner with a PEO to get better coverage at better prices.
Our PEO Experience Can Connect You With Better Coverage
As a small business owner, you want to offer your employees the best coverage possible. A PEO works with a selection of carriers to connect you with the best products they offer. The Medical Link will find you the perfect PEO partner that will offer a number of lines of coverage, including:
- Group health insurance
- Dental and vision
- Critical illness
- And other voluntary benefits
How does a PEO achieve this all? They use a co-employment arrangement to pool together small businesses creating power in numbers. This allows all these great benefits to be offered to you company at an affordable cost.
A PEO Saves You Money on Administrative Tasks
There’s a lot that goes into making a small business work and that means your attention is often split among many different tasks. Wouldn’t it be a better use of your time to let someone else figure out how to maintain your medical plans? A PEO takes care of all of the administrative tasks for you. A PEO will manage the entire carrier relationship for you, ensuring that new employees are enrolled in the plan quickly, renewals are handled behind the scenes, and can even help you process claims. To help you save more money, we can help you plan for annual plan changes. With a strong background in large insurance plan management, we can help you make adjustments to your plan or roll out policy changes to your business.
A PEO Helps You Save More Than Money
With more and more employees and job-seekers using benefits packages as a critical part of their employment opportunities, partnering with a PEO can save you not only money but can help retain your employees. A costly and ineffective medical plan is expensive in the short and long-term. That’s because your employees might start looking for other jobs if they don’t feel like their needs are being met by your existing plans. Hiring and onboarding new employees takes time and resources and results in lost productivity. Every step of this process means your company is losing money. Not only that, but employee turnover can be a cascading effect. When one employee leaves, others are left to manage the remaining work. The added stress can lead to further turnover.
An investment in the plans offered by a PEO is also an investment in the retention of your employees. A study conducted by the NAPEO found that when compared to other employee medical plans, businesses who worked with a PEO had a turnover rate that was 10 to 14 percent lower than average. The study argued that the higher quality of benefits offered by the PEO was a major motivating factor for employees to stay with their business longer.
Let Us Help Your Small Business Today
With more than 25 years of industry experience, The Medical Link can connect you to the affordable employee benefits that your small business is looking for. More than just benefits, we can help you find HR support, regulatory compliance, and payroll. Find out how we can help you find the right PEO for you and contact us today.