Selecting the best health plan for your employees is sometimes a balancing act between adequate networks, pharmacy options, and a premium that fits your budget. And what about ancillary benefits? "Should I select a dental plan written by my Medical carrier? And what about vision, disability and work-site voluntary?" Let's face it, sometimes employee benefits look like a sea of confusion. At Peak Benefit Solutions, Inc we take great care in ensuring the right fit for your business and being there for you throughout the plan year. For starters we need to evaluate our options: Do we select a fully insured plan? Do we select a Self Insured plan, or does it make sense to work with a PEO?
This is where many employers start. In the state of Colorado the majority of small businesses (2-99 employees) elect coverage from a fully insured carrier. All carriers offer a wide variety of plans that are guaranteed issue and have wide enough options to fit a businesses needs.
Self insured health plans are popular for large groups (100 employees plus) but are increasingly good options for small groups as well. Employers share in some of the risk, but also share in the return in premium when their group runs well. Many self funded plans today can be configured to feel like fully insured plans which is appealing for many groups. Most fully insured carriers today offer a modified version of traditional self funding. Before moving to a self funded plan ask yourself... is my group generally healthy? You may be a good candidate. Are there any high ongoing claims or expensive pharmaceuticals? You may not be a good candidate. We'd be happy to have a deeper conversation.
When you enter into a relationship with a Professional Employer Organization (PEO), a co-employment arrangement is established between the business and the PEO. While the PEO and the Employer share in responsibilities and liabilities many employers look to the PEO to reduce health-care costs and streamline business practices.
The bottom line:
This popular benefit is used to recruit and retain employees just as a good health plan is. A good company sponsored retirement plan can pay dividends in good employee relations and retention. That said, any employer who has been around for the past decade or more has seen 401k's rise and fall and rise again. The challenge only comes if an employee retires during a downturn. This can and has greatly reduced retirement balances for those who relied on that income close to retirement. At Peak Benefit Solutions, Inc. we prefer not to play Russian Roulette with our client's employee funds. If there were a way to take advantage of the gains while the markets are on the rise but protects those gains when the market drops, would you want to learn more?