Finding quality health insurance that’s affordable for your small business can feel overwhelming. Getting insurance services from a Chicago PEO can simplify these challenges while strengthening your coverage options.
Chicago PEOs are experts in administering health benefits through co-employment models tailored for Illinois companies. Our company connects local businesses with the best PEOs for their industry and needs.
If you’re tired of spending time managing your current health insurance plan, or if you need to get one to protect your employees, contact NetPEO for free quotes from top Chicago-based PEOs with health insurance services.
Why Offering Health Insurance Is Important for Businesses
Health insurance is the most sought-after benefit by employees, but it’s not just a cost to your company. Access to health insurance offers several key advantages for businesses:
- Attract and retain talent: In today’s competitive job market, offering competitive benefits like health insurance is essential for attracting top talent and keeping your existing workforce happy and engaged. Going without these valuable benefits puts your company at a recruiting disadvantage.
- Increased productivity: Health coverage reduces employee absenteeism by providing care access to treat illness and injuries promptly. Workers miss less time addressing medical issues, helping boost productivity and lower costs associated with replacement hiring or overtime to cover gaps.
- Compliance with regulations: Federal and state laws like the Affordable Care Act require many businesses to offer a minimum level of affordable health insurance to full-time employees or pay penalties. Non-compliance can result in expensive fines and litigation risks.
- Lower turnover costs: Turnover is costly when factoring in time and money spent recruiting, onboarding, and training new hires. Offering health insurance improves retention by demonstrating investment in employee well-being, avoiding these replacement burdens on your budget.
- Positive company culture: Providing healthcare shows commitment to staff livelihoods and creates a company culture that values more than just profits. This culture enhancement improves morale, engagement, and your company’s reputation.
Building a good health insurance package through a Chicago PEO company can greatly boost your bottom line in the long run through these advantages.
How a Chicago PEO Can Help Your Business With Health Insurance Services
Partnering with a professional employer organization (PEO) based in Chicago can significantly simplify offering health insurance and reduce the time and costs associated with administration and compliance. Some key ways a PEO company provides value include:
- Group purchasing power: PEOs aggregate clients to form large risk pools, allowing negotiation of competitively priced group health plans normally unavailable to small businesses.
- Compliance expertise: PEOs take on legal responsibility as the employer of record and ensure compliance with regulations.
- Administration assistance: PEO platforms centrally handle open enrollment, billing, eligibility tracking, COBRA management, and other ongoing insurance tasks.
- Risk management support: In addition to health insurance, PEOs can assist with other areas like workers’ compensation, limiting overall business liability exposure.
- Customized solutions: Each PEO works with clients to develop individually structured solutions that consider industry, workplace risks, and employee demographics for optimal solutions.
- Cost savings: Through economies of scale and administrative efficiencies, PEO clients experience reduced premiums, fees, and overall benefit spending compared to going it alone.
What Are the Benefits of Co-employment With a PEO?
When a business partners with a PEO, the PEO becomes the “co-employer”. This co-employment relationship structure provides several important advantages to your business beyond the benefits discussed above:
- Reduced Risk and Liability: The PEO assumes responsibilities like paying payroll taxes, securing workers’ comp insurance, and ensuring regulatory compliance. This shields you from penalties, fines, lawsuits, and other employment-related risks and liabilities.
- Access to HR Expertise: PEOs employ dedicated in-house HR professionals and benefits specialists to manage payroll, compliance, employee relations, training, and other HR functions. This centralized support team is typically more robust than what most small businesses can afford on their own.
- Scalable Support: As the client company grows, the PEO partnership can grow with it by continuing to handle all HR administration through integrated systems and processes. New hires, locations, etc. are easily supported.
- Freed-Up Focus: Without having to dedicate significant time to HR administration, business owners and managers can keep their full focus on core operational and growth initiatives.
How NetPEO’s Brokerage Services Can Help You Select the Right PEO for Health Insurance
Navigating the wide range of PEO options in the Chicago area can feel daunting without guidance. NetPEO’s experienced brokerage team takes the stress out of the process through the following services:
- Comprehensive Vetting: NetPEO thoroughly researches PEOs considering criteria like insurance options, pricing models, service levels, financial strength, and industry specialization.
- Side-by-Side Comparisons: Their consultations present detailed comparisons of multiple tailored PEO proposals highlighting differences in suitability for your unique needs.
- Ongoing Guarantee: NetPEO represents your best interests and monitors partner PEOs, ensuring promised services are continuously delivered and solutions optimized over time.
- Personalized Guidance: Experienced benefits consultants help you understand options and can answer any questions to fully support your selection and onboarding.
- Accountability: NetPEO stands behind our recommendations and provides ongoing accountability so you always receive the optimal experience and value.
Leveraging NetPEO removes the strain of researching PEOs on your own. You gain their expertise in designing the right co-employment partnership through guide health insurance and full-service HR. Contact us today to get free quotes on Chicago PEO health insurance services.
