One of the most challenging aspects of being a small business owner in today’s economy is providing a valuable benefits package to your employees while not breaking the bank.
Switching your current benefits package or even starting a program can be timely. Time is something you are probably short on, but it can save you a bundle of money in the long run.
An HMO limits coverage of employees. This means your employees can only see those doctors who are listed. HMOs do tend to have low premium rates.A PPO is favored among employees, and for good reason. It gives employees options with a large network of practitioners with no referrals. It can be used by all employees but typically comes with a deductible, co-pay or maybe both. The premium is normally very high.
The PEO is an exciting product that brings value to small and medium-sized companies by being able to provide them with Fortune 500 benefits. Companies are able to get pricing for their health insurance benefits at a 20-30% discount. Some PEOs are better suited for white collar companies, others for blue collar, some specialize in working with startups, and each PEO has slightly different benefits and services. to stay active and put those wellness checkups and dental visits to good use. Reassure your employees their health is a priority. a priority, too. Once you’ve decided on a plan, the costs do not end there. Administering those benefits can be just as costly over the years. Careful management is a must.
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