How does health insurance with a PEO work for small businesses? - Healthfet.com

How does health insurance with a PEO work for small businesses?

Isn't health insurance difficult for small business owners and executives? In general, you have one opportunity every year to determine what your company will do to offer appropriate (and hopefully more!) medical care for your employees. It's also a decision your firm can't afford to make lightly because it's the second-highest expense (after payroll).

It is possible to manage health insurance on your own, lowering expenses while still providing value to insurance plans, but we do not suggest it. Do you want to know why? Take a look at the significant differences between what your firm can do on its own and what you'll get with PEO health insurance.

Differentiators to Look For: PEO health insurance vs. self-insured health insurance

You're on your own:

You'll have to find out how to get insurance on your own, and you'll only have a few possibilities.

In the small group market, you have three choices: buy through a licensed broker, buy through a health insurance provider, or buy on the open market (called different things in different states). In either case, your small business has limited access to certain products and is unable to take advantage of many of the more comprehensive insurance policies available to larger businesses.

Using any of these three DIY choices, you have limited to no support for schooling. While brokers may provide some education, there is no one on the insurance side to assist your staff in making well-informed decisions if you buy directly. There isn't even a lawyer. So, if an employee has an issue with an insurance claim, for example, they must navigate the procedure on their own.

You have only a sliver of knowledge about how health insurance policies will evolve from year to year. You and your employees won't know how much the new plan will cost until it's time to renew and enroll, and you won't have an advocate to help you budget for future hikes. This annual adjustment is inconvenient for both you and your employees, who consider health insurance to be the most critical benefit you offer.


Using a PEO:

PEO health insurance companies are available to you, which means you have better (and more!) options. Because the PEO selects a carrier or carriers for small firms, they have a great edge in locating competitive health insurance policies. PEOs also have access to a wider range of product offers that they can pass on to their small company clients. The products are, without a doubt, the greatest in their field.

You won't have to cope with the headaches of health insurance administration. “There has to be a better way to do this,” you'll no longer think. That's it! You'll find a better product and a simpler approach to handle health insurance expenses and administration with a PEO alternative.

The PEO is in charge of the carrier relationship as a whole. The PEO handles everything from the initial policy selection to annual renewal and open enrollment.

You areaassistedaring for annual changes. PEOs, on the whole, are adept at handling big group health insurance plans. Because health insurance management is such an important aspect of the PEO solution, it's critical to keep an eye on the plan's performance and know what to expect at renewal.

Your staff will be happier with the possibilities available to them. The health insurance advantages provided by a PEO add value to the lives of your employees. This is, without a doubt, the most crucial benefit. You preserve your investment in your employees by collaborating with a PEO to offer competitive health insurance coverage—happy, valued employees are less likely to leave your firm in search of other opportunities.


It's time to weigh your selections now that you know what to search for. If you own a small or midsize business and haven't yet investigated Genesis HR's PEO health insurance plan, stay reading to learn more about it—and how Genesis can assist!


Small to midsize businesses can benefit from Genesis HR Solutions' PEO Group Health Insurance Plan

Genesis HR Solutions can assist small and midsize businesses in obtaining and managing great healthcare coverage for their employees. At Genesis, we are delighted to work with Blue Cross Blue Shield of Massachusetts, a best-in-class healthcare provider. We are the only PEO in Massachusetts that provides this level of protection to our clients and their employees across the country. With a BCBS Massachusetts plan from Genesis, you can pick one or more health plans that best meet your company's budget and team's needs.


BCBS Massachusetts Information

The BCBS brand, which now serves nearly three million members, is almost undoubtedly familiar to you. For more than 80 years, Blue Cross Blue Shield of Massachusetts has worked hard to ensure that individuals, families, and companies like yours have access to high-quality, affordable health care. For member happiness and quality, BCBS is ranked among the finest health plans in the country.


How Does The Genesis-BCBS Partnership Benefits You?

Genesis, as a PEO, offers BCBS coverage with a variety of plan options and outstanding coverage at a variety of price points. We also provide excellent service, which our worksite employers and employees laud. We help you by taking care of numerous tasks that you would otherwise have to manage on your own:

The entire carrier relationship is managed by us. We manage renewals, open enrollment, employee education, onboarding, and even advocate for your employees if there is a claim issue, so you can focus on building your business. Our Genesis team will handle all of the necessary contact and communication with Blue Cross Blue Shield of Massachusetts (and all your other benefits partners).

We make health insurance expenses and administration more manageable. “There has to be a better way to do this,” you'll no longer think. When you choose Genesis as your PEO, you'll get a superior product and a simpler approach to manage health insurance expenses and administration. To negotiate rates and handle renewals, we keep in touch with all providers. The monthly invoices are also reconciled and paid.

When it comes to open enrollment and annual updates, we're here to help. Because of our long-standing relationship with BCBS, we're well-versed in handling the company's large group health insurance policies at all stages. Because health insurance management is such a key aspect of the PEO solution, it's critical to avoid surprises and keep track of how the plan is performing. That's precisely what we do: we collaborate with BCBS Massachusetts and your organization to ensure that you get the best healthcare benefits year after year.

Get answers to your health insurance questions from a PEO today!

Genesis is the only PEO in Massachusetts that can provide this level of coverage to our clients across the country. However, our collaboration with Blue Cross Blue Shield of Massachusetts is only one of several HR services that may help you attract and retain top talent. We also provide the following services:

  1. Group Health, Dental, and Vision
  2. 401(k) Options
  3. Life/AD&D
  4. Long- & Short-Term Disability Coverage
  5. Employee Assistance Plans (EAP)
  6. Health Savings Account
  7. Health Reimbursement Account
  8. Flexible Spending Programs
  9. Retail & Entertainment Discount Program
  10. Integrated Employee Onboarding
  11. Online, Mobile-Friendly Access To Review/Enroll in Benefit Plans & Offerings

Schedule a discovery call with Genesis HR Solutions today to learn more about how we might be able to relieve you of the strain of finding and administering health insurance coverage. We'll review your health insurance benefits strategy and talk about how we can collaborate to provide your employees with the highest-quality health plans in the simplest way possible.

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