As you already know, there are a lot of benefits associated with working with a professional employer organization (PEO). Not only does this give your company someone to take over the responsibility of handling much of your time-consuming paperwork, it also opens the door to a variety of other bonuses you wouldn’t have otherwise, including PEO insurance benefits.
To learn more about what we consider to be the most important PEO insurance benefits your employees deserve read below!
1. Major Medical Insurance
Life happens. Whether it is falling victim to the common cold or needing financial assistance for an unexpected surgery, you want your employees to know they are covered no matter what happens. This is why we stress the importance of PEO insurance benefits of major medical coverage, including health, dental, and vision insurance.
What is nice about providing medical coverage through a PEO instead of on your own is you may be able to lower the cost of your premiums, thus lowering the overall cost passed down to your employees. This incredible discount is thanks to the fact that the PEO company can take advantage of a larger group discount than your small company can as it is responsible for more employees. For example, the discount a PEO can get for covering 5,000 employees is much more significant than you would find if you were trying to purchase coverage for your staff of 15-20.
In the short term, this will save you from having to spend unnecessary money out of your pocket. In the long run, this will help both you and your employees become more financially secure as you will have extra spending money to set aside in savings, investments, or other financial opportunities.
In addition, by encouraging your employees to take better care of themselves health wise, you are adding to the productivity of your staff as you won’t have to worry about as many people having to take time off work due to an illness.
2. Voluntary Insurance Benefits
Aside from the major medical plans, there are several other voluntary PEO insurance benefits you can take advantage of by working with a company like INVO PEO. These insurance benefits go beyond your immediate health and wellness and help you prepare for the unexpected down the road.
The most common voluntary insurance benefits offered by a PEO include:
- Life Insurance
- Short-Term Disability
- Limited Medical
- Cancer Indemnity Insurance
- Off-the-Job Accident Insurance
- Critical Care Insurance
By adding these additional services to your employee’s insurance benefits, you are helping your employees be prepared for anything that life may throw their way.
3. Discounted Prescription Medication
The amount of savings your employees can receive on medical insurance doesn’t end at the doctor’s office when you choose to work with a PEO. In fact, we have the ability to extend our incredible savings all the way to the pharmacist thanks to our unbeatable discount prescription medication card.
With this card, you are eligible to save money on a lot of name brand medications, not just generic, at participating pharmacies. The best part is you can utilize these savings when you are buying medication for yourself, your family, or your pet.
4. 401(k) Plans
Last, but not least, we want to stress the importance of giving your employees the benefit of having a 401(k) plan. Unlike other PEO benefits, this plan focuses more on the financial well-being of your employees than the wellness. However, it is equally as important.
As an employer, you understand employees are a lot less productive, read profitable, when they are facing outside stress and burdens, especially when it comes to money.
This is why you want to opt to give them the opportunity to invest in their own future by offering a retirement plan. With this plan, you are giving your staff the chance to set aside money each paycheck to save for when they retire. You can even go beyond this and offer a company match program to help build up this nest egg.
It’s true, you don’t need a PEO company to create a 401k program for your staff. Similar to health insurance, by adding this benefit you are allowing yourself to take full advantage of all the knowledge and resources the PEO offers, including the responsibility to handle the paperwork and finding better investment brokers to manage the plans.