Small Business, Big Ideas
(And a Few Laughs Along the Way)
Your go-to blog for tips, tricks, and the occasional dad joke about running, growing, and loving your small business. Seriously helpful. Seriously fun.
What Happens If I Get a High Benefit Renewal in PEO?
If you are in a Professional Employer Organization (PEO) you likely joined in part or whole because of the PEO’s benefit plans. PEOs are known for giving access to affordable benefits from national carriers like Aetna, Blue Cross Blue Shield, Cigna, and United Healthcare.
PEOs typically have significantly lower yearly benefit renewals for a few reasons, but mostly for their buying power with the carriers. Remember the Law of Large Numbers is always present in any type of insurance, this is no different. The more people on a benefit plan, the less risk, and more leverage for the PEO.
What are the five kinds of insurance plans and what's the difference between them?
Let’s assume for a second that you're not an expert at health insurance. You probably wouldn't be able to explain the difference between a HMO, an EPO, a POS, a PPO, and an HDHP.
If this doesn't sound familiar, it's because you had better things to do since the last time you worried about insurance. But now you're deciding which insurance plans you want to offer your employees and acronyms are popping up everywhere. This handy reference guide will help make sense of the insurance literature you've been going through.
Are you getting the best deal on your PEO?
If you're currently in a Professional Employer Organization (PEO), you've probably wondered if you should have played the field a little more. PEOs are guilty of relying on the complexity of their set-up to obscure costs and keep you from being as well-informed a customer as you might for other services like an accountant or a software vendor.
But "difficult to tell" doesn't mean unknowable. Read on to find out how to do your due diligence with any PEO.
What benefits should I offer my employees — and how much should I contribute?
But most people are lost when it comes to how to structure their plans, which ones to offer, and how much to contribute to each. Not to worry — like most things relating to business, these questions are easy to answer with just a little insight.
How Using a PEO Gives You Back Your Business
Unless you've lived under a rock for the last few years, you've probably heard of "Professional Employer Organizations" or PEOs. For those of us who enjoy the under-a-rock lifestyle, I wrote this quick brief on what exactly a PEO does and how it can save your business potentially thousands — and give you weeks of your life back.
The Future of Employee Benefits
Great news for employees who already work hard for a living and deserve to be rewarded. Children under the age of 26 can be added to their parent's health policy which provides further security to working families.