Ensuring your employees are well taken care of should be a top priority for any small, medium, or large business owner. One of the best ways to show your employees they matter is by setting them up with comprehensive health insurance benefits.
If you do not already have a Human Resources department, working with NetPEO to find New York PEO health insurance services that fit your team member’s needs could be the solution you have been looking for. Call today to discuss your HR and health insurance package options and choose the right NY PEO company for your business.
Why Companies Should Offer Employees Health Insurance Benefit Packages
The backbone of any business is its employees. The goal of any employer is to be surrounded by trustworthy and hardworking individuals. One way to maintain your valuable employees is to ensure they are healthy.
By providing health insurance benefits to your employees, you are providing them with health benefits when they need them. It can be challenging and time-consuming for employers to research and choose health benefits packages for their employees. It may even be so daunting that employers decide not to provide these benefits at all. In the long run, this is not the wisest idea.
How a Professional Employer Organization Can Help Protect Your Employees
Offering health benefits is incredibly important to the success of a business. Employees who are offered employment positions with health benefits tend to work more productively and stay working for their employer longer because they are in a position that feels safe and stable. A promising potential employee may pass over an employment position because it does not include health benefits.
Or a valuable employee may leave their position for a different one with better benefits. It is safe to say that providing the best possible health benefits package not only benefits the employee but also the employer. So where can an employer turn for guidance when beginning to look for a health benefits package?
How PEOs Work
If you do not currently provide health insurance benefits for your employees, where do you even begin? This can be a huge project to embark on alone. One way for an employer to overcome the large task of choosing and implementing a health insurance benefit package is to hire a professional employer organization or a PEO to assist them.
A PEO is a type of human resource outsourcing. They basically can provide any of the duties of a human resource department by a term called co-employment. They can share and manage employee responsibilities and liabilities with a business. This means that the PEO is to collaborate and partner with a business to alleviate some of the tasks of the human resources department.
One of these tasks includes implementing and maintaining employee health benefits. The PEO is especially beneficial to a small or mid-sized company where there may not be a designated human resources department. It can often be challenging for a small business to research and decide without any guidance.
This can also use up valuable time which could be spent on other aspects of the business. Particularly for smaller businesses, using this type of collaboration can save valuable time and money.
What a PEO Can Do for Your Business
The right PEO can be extremely beneficial to any business. Part of what the PEO provides is the knowledge and understanding of all the federal and state requirements regarding health benefits. There are numerous healthcare acts that require understanding, and collaborating with a PEO can help you manage them legally.
Some examples are the Affordable Care Act, The Consolidated Omnibus Budget Reconciliation Act, and the Employee Retirement Income Security Act. It is very important to understand and abide by them to protect any business. The PEO is also available to fully explain the different health care benefits packages and other services and help the employer tailor it to their business and employee needs.
The healthcare options are vast, and it is critical to provide the correct coverage to a business and its valued employees. There are many choices to be made about which doctors to utilize, what premiums are manageable, and what level of care to offer. Having a professional to turn to when trying to make all these decisions is vital.
It is important to determine what the business needs are and what the options are. PEOs can expertly guide employers through this process and customize the correct plan with knowledge and ease.
Reasons to Set Up a Co-Employment Agreement with a PEO
There are many reasons to partner with a PEO in order to provide employees with quality health insurance benefits. Firstly, the co-employment model with a PEO provides better benefits at lower costs.
Usually, lower costs are reserved for large companies because they employ numerous people. With a PEO partnership, the PEO can provide much lower rates than if the business did it on its own. This benefits both sides because the employer saves valuable money, and the employees are offered better health benefits.
Valuable time and resources can be reserved for other aspects of the business. Just the research into health benefits alone can take many hours. Now include the maintenance and management of these policies. Delegating these responsibilities to a co-employer can take a load off of an employee at a business who may not have the time or the knowledge to do so, and most times the PEO will handle employee health benefit enrollment and any health benefit claims.
Find the Right PEO for Your Employee’s Health Insurance Benefits Packages Today
Now that you have decided that working with a PEO is the right decision for your business, how do you go about finding the right one? The National Association of Professional Employer Organizations (NAPEO) claims that there are over 1,000 PEO services currently available. Given this large number, it may be very difficult to decide which company should manage the health benefits package.
NetPEO is a company that will help you find the correct PEO for your business. NetPEO will carefully evaluate all your business health benefits needs and expertly match you with the correct professional employer organization. The number one reason that businesses use our services is to save money and that is exactly what NetPEO is for.
At NetPEO, there are highly trained professionals waiting to assist you in your PEO collaboration journey. Please call us or fill out our quick contact form for a free, no-obligation quote today. We guarantee that you will be fully satisfied with the high quality of service we provide.
