Simplify and Save with Small Business Health Insurance Plans through PEOs (Professional Employer Organizations)
Qualifications for Significant Health Insurance Savings with a PEO:
Your business can enjoy substantial savings of 15% to 40% off current health insurance premiums with
an equivalent PEO health plan if your company has these attributes:
Your business operates in a white-collar industry (e.g., finance, tech, legal, medical, engineering).
You employ 2 to 99 (or more) full-time employees.
The majority of your employees are under 40 years old.
Most of your employees enroll in the company health plan.
Many of your employees' dependents are also enrolled in the company health plan.
The more these attributes describe your business,
the greater your potential health insurance savings with a PEO health plan.
PEOs offer a wide range of HR solutions, including payroll, benefits management, HR support, tax administration, and regulatory compliance assistance, making them a valuable resource for growing businesses nationwide.
What is a PEO?
A Professional Employer Organization (PEO) is an outsourcing firm that provides services to small and medium-sized businesses (SMBs). These services may include human resource consulting, safety, and risk mitigation services, payroll processing, employer payroll tax filing, workers' compensation insurance, health benefits, employers' practice and liability insurance (EPLI), retirement plans (such as 401(k)), regulatory compliance assistance, workforce management technology, and training and development. PEOs enter contractual co-employment agreements with their clients, becoming the employer of record for tax purposes.
Advantages of PEO:
1. Industry Size: The PEO industry has been experiencing steady growth. Before 2020, the sector was estimated to be worth over $180 billion annually, with many PEOs operating across the United States.
2. Number of PEOs: Several hundred PEOs were operating in the United States, offering a range of HR and employment-related services to businesses of various sizes and industries.
3. Worksite Employees: PEOs collectively served millions of worksite employees (WSEs), helping client companies with HR, payroll, benefits administration, compliance, and other HR-related functions.
4. Client Base: PEOs had a diverse client base, including small and mid-sized businesses from various industries. Many companies turned to PEOs to outsource HR tasks and access benefits typically associated with larger organizations.
5. Regulation and Compliance: The industry continued to be subject to various federal and state laws. PEOs played a crucial role in helping client companies navigate compliance issues.
6. Market Trends: The PEO industry has evolved with new technology solutions, such as cloud-based HR management systems and software, to streamline HR processes and enhance service delivery.
7. COVID-19 Impact: The COVID-19 pandemic had a significant impact on HR and employment practices, with PEOs assisting client companies in managing pandemic-related challenges, including remote work arrangements, health and safety protocols, and workforce management.
Discover the benefits of partnering with a PEO for your business.
Contact us for more information and a free, no-obligation quote
Why Choose a PEO for Your Small Business?
Small businesses collaborating with PEOs can save thousands of dollars yearly on employee benefit costs.
Improved Business Growth:
Small businesses working with PEOs tend to grow 7 to 9 percent faster, experience lower employee turnover (10 to 14 percent), and are 50 percent less likely to go out of business.
Comprehensive HR Management:
PEOs offer expertise in payroll, benefits, HR administration, and more.
Potential Workers' Comp Savings:
PEOs may help reduce workers' compensation costs.
Access to Large Employer Benefits:
Small businesses can provide employees with 401(k) plans, health insurance, dental insurance, vision insurance, FSA plans, and more.
Simplified Health Insurance Costs:
PEOs offer consolidated health insurance rates, eliminating age or dependent-based pricing.
PEOs provide access to national coverage and benefits, simplifying multi-state planning.
Additional Benefits of Working with PEO:
1. Compliance Assurance:
PEOs keep your business compliant, potentially saving you thousands or tens of thousands in government penalties.
2. Streamlined Payroll:
PEOs handle payroll processing, reducing expenses related to payroll companies.
3. Expert HR Guidance:
PEOs offer human resources expertise, including employee discipline, benefits package design, COBRA administration, and more.
4. Workers' Comp Cost Reduction:
PEOs may help reduce your workers' compensation costs.
5. Comprehensive Benefits:
PEOs provide access to comprehensive benefits, including health insurance, dental insurance, vision insurance, FSA plans, and more.
6. Consolidated Rates:
PEOs offer consolidated health insurance rates for all employees, simplifying cost calculations.
7. National Coverage:
PEOs provide national coverage and benefits, eliminating your employees' need for complex multi-state plans.
We work with various top PEOs, including:
1. Infiniti HR (CIGNA)
2. ADP Total Source (Oxford or Anthem)
3. Insperity (UHC)
4. Trinet (Aetna, Empire, or UHC)
5. Paychex (Aetna)
6. Healthpass Decision HR (Empire Blue Cross)
7. JustWorks (Aetna)
8. Prestige (Oxford or Emblem)
9. Ethan Allen Workforce Solutions (MVP)
10. CoAdvantage (Aetna)
11. Vensure (Anthem Blue Cross)
12. Engage (Aetna)
13. Emplova (Cigna)
14. Extensis (Aetna)
15. G&A Partners (Cigna)
WHY YOU MAY WISH TO HIRE A PROFESSIONAL EMPLOYER ORGANIZATION (PEO)
Sometimes companies have trouble meeting their human resources needs, especially while also trying to increase profits. To assist in this area, many companies hire professional employer organizations (PEOs). When engaging one of these organizations, the company and its employees become employees of the PEO. The company delegates many of its HR responsibilities to the PEO. Though the company still officially hires its employees, the PEO handles payroll, benefits administration, workers’ compensation, medical insurance, and retirement accounts. Then, the company pays the PEO for its services (often a percentage of total salaries), along with an amount to cover the payroll for the employees.
Looking to purchase New York health insurance?
We offer New York health plans for small businesses and the self-employed.