Health Insurance Tips for Small Business Owners

by Maria Trusa

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Professional Employer Organizations (PEOs):

a PEO is a firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers’ compensation, etc. The PEO does this by hiring your company’s employees, thus becoming their employer of record for tax and insurance purposes. This practice is known as co-employment.

Using a PEO could potentially save your business the time and staff that would be used to prepare payroll and administer benefits plans, including health insurance, and may reduce legal liabilities or obligations to employees.

A big benefit is that you will usually be able to offer a better overall package of benefits by using the negotiating power of the PEO with their insurance providers, and thus attract more skilled employees.

The PEO model is attractive to small and mid-sized businesses. To see a listing of the biggest PEOs in the market, click here.

Moving Forward:

Research and the internet are your friends. Spend some time looking into the healthcare options available in your states and speak to other businesses in your communities. Leveraging their insights and best practices can save you time and money!

And, of course, I would be remiss not to mention to look at your local market healthcare providers. In an ever-changing marketplace, there are start-ups and existing medical providers that are creating new and progressive healthcare solutions that may fit your needs. At Formé Medical Center, we are doing just that!

Our team developed a breakthrough annual medical membership that makes dignified, high-quality medical care, affordable and accessible for those members of the community who do not have or cannot afford health insurance.

It is a great solution for individuals, but we have been pleased to see that small business owners, like landscaping companies, construction companies, restaurants, laundromats, and others are finding it a great fit for their employees and are offering it as an employee benefit. To learn more about our program, click here.

Best of luck and if I can be of assistance, please do not hesitate to reach out to me with any questions (mtrusa@formezone.com).

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