Health Republic NY
Small group insurer, Health Republic NY, has announced that it will no longer be renewing its small group and individual plans as of 2016. This leaves their small group health plan customers scrambling to put together new packages before the deadlines on November and December 2015.   Trying to obtain comparable benefits in a matter of weeks is certainly a stressful endeavor for a small business owner, to be sure. There are many options, but which one is the right one for an entrepreneur facing this kind of situation?  

Making Sense Of The Options For Health Republic NY Customers

  Understand Your Options - Many small businesses, especially in New York, will be steered towards community rated health plans. In fact, most won’t have a choice. In states where this is a requirement for small businesses, it often proves to be a financially poor option. In an effort to curb costs, community rated pools were created so that rates could be evenly spread across demographics within a certain geography. The problem is, all participants are paying the price for those who file a lot of claims and incur large medical expenses. Most employees are not too keen on fronting the bills of other participants, but this is what happens when you are need to find small business health insurance in a community rated health insurance state.  

Consider The PEO Service Option

  In the aftermath of Health Republic NY's demise, small businesses in NY with under 50 employees (100 employees in 2016 PEOs) will have one option where they can procure quality benefits at an affordable price: PEOs.   A PEO is a great way to find affordable coverage with a lot more savings than Health Republic NY even offered their small group plans. Because a PEO co-employs, they can offer the kinds of plan rates that a large corporation would only be able to offer. It is a win/win for the small business owner and the employee in terms of great coverage without crippling costs.   Most companies that are considering PEOs specifically for health insurance purposes always have that burning question: Will the savings in health insurance offset the roughly $75 - $100 per employee, per month administrative fee the PEO charges? Many of these companies don't immediately see the need or value for the PEO's HR-centric services.   The only way to find out whether a PEO offers a net savings is to go through the PEO underwriting process, which can be quite formidable; especially if the company wants a good price. Most companies will shop 3 PEOs to make sure they are getting what they need at an affordable price. That is one way to go about it, or you can work with a PEO broker, like PEO Spectrum, who will produce 3 quotes in 30 minutes. Most small businesses will agree, that is a huge time savings, especially when you are running against a clock.   Take your summary of  your current benefits and compare them to the PEO services that best match your needs and see how the savings stacks up against your other options. You are sure to be very surprised at how much you can get for so little.   The fact is that your Health Republic NY coverage is ending and quickly. Moving fast is going to be crucial for continuous coverage and better employee satisfaction, but making rash decisions in the heat of the moment often proves to be to one’s folly. In an effort to curb employee upheaval and undo stress, we put together a quick guide to how to best handle changing coverage before your Health Republic NY benefits run out:   Review Your Current Benefits - Take the time to get a good look at what you currently have for benefits. Have something detailed to compare new coverage to when you are looking. Keep a cheat sheet of what you have, and what your deductibles and co-pays are so you can scan the list of Health Republic’s competitors easily. You will also arm yourself with some notes to keep close by when talking to sales representatives.   Talk To Your Employees - It is well worth your time to talk to your employees about your current benefits and get a sense of what they would like changed if they could. Rather than sign them all up for something they won’t be happy with, understand what their needs are in a employee benefits package and research affordable options to include them in your new plan.   Having this information ahead of time will prove to be a good move for the greater good of your company. Employees also feel empowered by being part of the decision making that affects them and their families, and generally have a higher opinion of an employer that makes them feel included.  

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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