It's renewal season again. Should you look at a PEO?
It’s that time of the year again when most companies are having their open enrollment. This oftentimes means headaches for HR, Business Owners, and Employees, because of higher premiums, lesser plan options, and lastly all of the administration. There is an easier way to handle your benefits.
A Professional Employer Organization could be the answer for you. A PEO helps you in several ways and can make open enrollment an afterthought. Let’s take a look at how a Professional Employer Organization might help you and your company.
Better Benefits
PEOs partner with National Health Carriers like Aetna, BCBS, Cigna, UHC, Oxford, Kaiser Permanente, and Humana to offer national plans to their clients. Because PEOs purchase benefits for all of their client’s employees, the PEO is able to get access to Fortune 500 style benefits not available in the small group open market.
Now you may be thinking how are the premiums? They are affordable, and the PEO offers several plans ranging from HMO, EPO, POS, PPO, and HDHP plans for every budget. So a company with 25 employees could offer their employees better benefits than a 100 employee company because of the PEO.
Complete Benefit Administration
Administering benefits is a lot of work. From enrollments, handling claims, interacting with the broker/carrier for various items, COBRA management, and lastly annual renewals. When you join a PEO and take part in their benefits you don’t have to worry about this, because they do it for you.
The PEO handles all of your enrollments (most are paperless), they handle your claims, any employee issues/questions, your COBRA, and your renewals. And most PEO benefit renewals are often single-digit, so it’s not so taxing on you and your employees.
Ancillary Benefits
Another advantage of joining a Professional Employer Organization is being able to offer a full platter of Ancillary Benefits like Dental, Vision, Short and Long Term Disability, Life insurance, and AD&D.
In addition to a full platter of Ancillary Benefits, you also get access to other services like Pet Insurance, Legal Aid and Identity protection and many offer buying groups for even more discounts. So you can round out a complete offering to your employees and talent you are trying to attract.
Plans that work Everywhere
One challenge for many companies is having staff in multiple states and being able to offer benefits that work in that employee’s state. With a Professional Employer Organization, that’s not an issue, because their plans are National and work everywhere.
Most PEOs even offer regional options as well as a National Carrier option, such as Kaiser Permanente, and Tufts. So all of your employees regardless of location has the best network for their medical needs.
How can I find out if a PEO is right for me?
A Professional Employer Organization could be the right answer for you, and your organization. It’s an end-to-end solution for your benefits that works year after year. If you’d like to know if a PEO is right for you, let’s chat.
