Notices regarding health insurance premiums for 2017 have gone out by now to every small business owner and individual. There is no avoiding what is looming at the beginning of 2017; health insurance rate hikes for almost everyone.
One contractor in the agricultural industry defiantly posted their notice on Facebook recently, scolding the ACA for their financial distress. Their premium for a family of 5 was more than most mortgage payments, even in urban areas! Of no comfort was the comment by the poster that their individual family coverage had increased not just this year but every year since the start of Obamacare. Affordable? We think not.
Another small business owner posted that he allowed his employees to seek their own individual coverage with the promise to reimburse the employee for their insurance premiums but when the monthly health insurance premiums in 2017 were hovering around 1,000 to 1,200 dollars per month, per employee, he was seriously considering whether or not he should shutter his business instead of paying almost $24,000 a month on employee benefits, never mind worker’s compensation and payroll outsourcing fees. The cost to keep employees employed was just too expensive for him to see any chance for profitability in the future.
What a sad state it is when the innovators and inventors driving business in America are considering whether or not to just return to full-time employment, leaving behind their dreams, over the ACA. Wasn’t this act supposed to help those who are benefitting our economy, keeping alive the American dream to make something your own?
A simple small business with only 5 employees is paying way too much in employee overhead, stifling the cash flow needed to invest in making their products and services better than before. It doesn’t have to be this way. There are a couple things you can do to ease the burden of health insurance premiums for 2017:
Work With A Discount Health Insurance Firm - Instead of letting your employees go find their own coverage and hand you the staggering bill, you can find small business group coverage with a discount health insurance firm. These agencies can find you health insurance premiums for 2017 that will fit into your monthly and yearly budget instead of trying to find it on your own.
BUYER BEWARE: You will notice that although these plans offer attractive monthly rates, their coverage usually leaves a lot to be desired. With low monthly health insurance premiums in 2017 comes skimpy coverage and very high deductibles to make up for the low monthly cost.
When faced with the choice between a low monthly rate and high deductible versus paying more per month for health insurance for full coverage, most employees will pick the latter. Employees want to know that they will be covered when they need it, not just pay to keep a useless card in their wallet and a yearly letter to show to the IRS that they are covered...covered for nothing.
Find Out More About How A PEO Can Work For Your Business - A professional employer organization is in the business of being your outsourced HR solution. They take on the responsibilities of offering the best health insurance premiums for 2017 possible for a small business, that even large businesses would find envious, for a low monthly rate you can all live with.
Secondly, they co-employ so they shoulder the responsibility of payroll processing and tax payments, so you don’t have to. Not to mention, in addition to the best health insurance premiums in 2017 that a small business could only dream about, they also provide limited employment liability coverage and workers compensation insurance, all for one monthly rate that is undoubtedly lower than what you are currently paying to all 4 companies you are using right now.
What would it be like for you to find the health insurance coverage for your employees that top talent is during down your positions for with larger companies? Could you actually compete for top talent this year by working with a PEO?
Not only is are the best health insurance premiums in 2017 waiting for you, but you can fire your payroll processing company and cancel your worker’s compensation plans as well by working with one solution; a PEO.
Talking to a PEO broker like PEO Spectrum does not cost the small business owner a nickel. The service fees for letting a PEO broker find the right PEO for your business is zero. No kidding. If spending a few minutes on the phone to save a phenomenal amount of money on health insurance premiums in 2017 isn’t appealing, you can keep paying more if you want to. Plenty of small business owners are finding out what we want to share with you; staying in business in 2017 looks a whole lot more viable by working with a PEO.
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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