You might know how expensive health insurance is on the individual market. It can be just as expensive when you’re a small business owner. Your employees need health insurance, but how can you afford it when you’re still growing?
NetPEO connects small to medium-sized businesses with Atlanta PEO health insurance services. Through an Atlanta PEO insurance services, you can gain access to enterprise-level benefits at a fraction of the cost, including health insurance. Here’s how.
Why Health Insurance Is so Vital for Employees
Health insurance is the top requested benefit from all employees. Health care is expensive in this country. Even with the benefits of the Affordable Care Act, most people prefer to get their insurance through their employer because it’s much cheaper than the individual market.
Employees who get health insurance tend to be more loyal because they don’t want to lose this valuable benefit. They appreciate employers who can help them with their health concerns.
If you’re not offering health insurance and you have a competitor that does, you’re at a disadvantage in hiring talent. Once you start to grow, you’re going to need to offer health insurance to attract the staff you require for expansion.
Why Health Insurance Can Be Expensive for Small Businesses
You may have tried approaching insurance providers to start health insurance services for your company. The prices can be astonishing. To understand why it’s so expensive for small businesses, you have to understand a bit about how the insurance company thinks.
Insurance companies collect premiums to pay for claims and make a profit. Companies that can pay higher premiums can claim better benefits because they’re paying more into the system. If more people can pay into the policy, the cheaper it becomes and the better the benefits.
If you’re a small business with few workers, you may not be able to spread the cost of the premiums to meet the insurer’s requirements. Working with an Atlanta PEO for health insurance services helps you overcome this challenge.
How Working with an Atlanta PEO Helps Your Company Get Health Insurance
Professional employer organizations work with many clients at the same time to handle HR and payroll tasks. They often work through a co-employment arrangement. It’s this arrangement that allows you to access better and cheaper benefits.
Through co-employment, your employees work on paper for the PEO while you maintain all control over their activities and employment status. By doing this with many clients, a PEO will have a large labor pool and premiums coming in from multiple businesses.
This gives PEOs remarkable bargaining power with the insurers. Insurers are more willing to offer lower rates and better benefits because there are more premium payments coming through the PEO. This same dynamic applies to other kinds of benefits as well, like 401K plans, vision and dental insurance, and more.
How Getting Health Insurance Can Grow Your Business
Health insurance preserves the health of you and your employees, but it also grows your business and makes it more efficient. It’s one of the best ways to gather new top talent and retain the talent you have.
With good health insurance, your employees will also be more productive and have a higher morale. They’ll feel supported by you and will work harder to keep the business running. The profit from this can far outweigh the costs of premiums and time lost from illness.
How Else Does a PEO Help My Company?
Co-employment with a PEO can give your company far more than just health insurance benefits. Professional employer organizations also help companies with any other HR or payroll-related tasks.
The co-employment relationship is controlled by a contract. NetPEO works with you and our network of PEOs to find the right one to do just the tasks you want. If you only need one for Atlanta PEO health insurance services, you’re free to turn over as few or as many of your HR and payroll needs as you wish.
Some of the many ways a PEO can help your company include:
- Full benefits management, including insurance, retirement plans, pensions, and more.
- Risk and compliance management to avoid regulatory problems and fines.
- Payroll tasks, including tax withholding, direct deposit, resolving pay conflicts, etc.
- Hiring, recruitment, training, and termination
- Risk assessments
- Policy creation, including employee handbooks and mandatory training tracking
- And much more
Can You Help with Workers’ Compensation?
Absolutely. Workers’ compensation is often the first kind of health insurance a company must buy. Workers’ compensation covers workers who are injured on the job. If you don’t have it and one of your employees gets hurt, you could lose your business between paying for the injury and paying the regulators.
If you don’t have workers’ compensation and you have employees, we urge you to contact us right away. We can help you get the right workers’ compensation insurance plan to meet regulatory requirements and your budget.
Contact NetPEO for a Free Quote
If you’re in need of PEO health insurance services in Atlanta, contact NetPEO for a free quote. Our nationwide network of PEOs helps us pair your company with a PEO that fits your needs, industry niche, and regulatory requirements.
Should you choose to use a PEO we select, we’ll also reach out to you periodically to find out if the relationship is working out. If it’s not, whether because of conflict or because your needs have changed, we’ll help you find another PEO.
To get started, contact NetPEO for a free quote by calling the number on your screen or calling our offices.