Health Republic NY
The exodus from Health Republic NY has begun. Now that the best health insurance carrier for small businesses in New York is gone, what most commentators are saying is Oxford will be their likely most affordable choice. Entrepreneurs face massive expenses when it comes to health insurance, especially in places like NYC where any company under 50 employees is forced to buy from a community rated health plan in a city where rent of office space is at an ultra premium. Health Republic NY was an oasis in a sea of big insurers with massive price tags. Now what?   Oxford is positioned to pick up where Health Republic NY left off, but is that the right choice? How will you know you made the right decision for you and your employees? Usually after you’ve made your decision it’s too late to bother regretting it.  

How Health Republic NY And Community Rated Plans Negatively Impact Your Business

These insurance pools have good intentions; take the cost of healthcare across a variety of demographics and even it out so that everyone is paying the same rate. Noble in its roots, this type of program was designed to offset the cost of health care from those in the pool who were less healthy or more apt to require care.   What happens is the healthier, younger participants are the ones who end up paying for the ones who use their health care the most. What is worse, when the cost of health care for those who use it more goes up, everyone pays in higher premiums. The more people use this type of health plan, the more everyone pays. Is that fair?   In cities like NYC, those who have 50 or less employees (100 or less in 2016) are forced to buy their health insurance from a community rated health plan. This puts small businesses in NYC in quite a predicament. Seemingly, the choice for better coverage at a lower cost is being taken away from them. Fortunately, there is another option.  

PEO Plans Are The Wellspring For Small Business Health Insurance Coverage In New York

  When you consider the vacuum that Health Republic NY is leaving with their departure from the marketplace, it can be a little unnerving for the small business in NY that needs to keep a tight rein on spending in general. The prospect of a new plan with higher fees is certain to raise blood pressures in the Empire State.   A PEO service is a small business owner’s best ally when it comes to keeping a lid on employee benefits costs and being able to offer a benefits package they can be proud of. It’s hard for a start-up to offer the kinds of benefits their formidable competitors can, now it is possible through co-employment with a PEO service. These plans offer lots of options and a PEO broker like PEO Spectrum can help you find the right one for you in about 30 minutes. Even if you like Oxford, purchasing Oxford as your benefits plan through a PEO service will be less expensive than making the purchase on your own simply through sheer volume purchasing.   It pays to find ways to save when you are looking for a new benefits provider. It doesn’t cost anything to see if a PEO will work for you. What do you have to lose besides your benefits at the end of the month? There is nothing wrong with finding out what could work better for you, rather than settling for the only one or two options you have available as a small business through a community rated health plan. Maybe Oxford will work just fine for your company, maybe there is something better for less. You’ll never know if you don’t find out.   No matter what the options are, your ability to be covered by Health Republic NY is ending, starting on October 31st. Don’t get spooked by benefits termination. A PEO could be the treat you need to solve your benefits problem this Halloween.  

If you’d like to find out more about how PEOs can help you provide great benefits and payroll management at less than you are paying now, contact us today for a free consultation.

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