PEO: Better Employee Health Option?

The idea of starting and running your own business can be exciting. New innovations and ideas propelling sales and brand recognition are all part of the fun.

But not everything is fun for small business owners. As health insurance laws changed with the Affordable Care Act, many small and midsized business owners found themselves against the financial ropes, fearing closure due to new demands for employee health care.

As needs grow, solutions evolve. The Professional Employer Organization (PEO) took center stage, offering a better way for small business owners to deal with the health insurance burden (and a few other human resource tasks business leaders typically hate). But is the PEO a better health option for all small and mid-sized businesses?

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(HRO) Human Resource Outsourcing: Lifting Small Business Burdens

Human Resource Outsourcing (HRO) takes all or some human resources tasks and hires a third-party source to administer it. An HRO might be contracted to conduct payroll and the subsequent taxes associated with it. It could also handle all employee benefits. Unlike a Professional Employer Organization (PEO), the HRO is usually an a la carte service provider, handling what a company needs instead of bundling all services.

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What is a PEO?

A Professional Employer Organization (PEO) is a company that serves as a human resources partner for businesses that want to outsource the tasks and reduce costs. To legally administer many of the roles, the PEO becomes a joint-employer through employee leasing, meaning that they are the employer of record. This gives the PEO both the ability to manage employees and shared liability

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What are the five kinds of insurance plans and what's the difference between them?

Let’s assume for a second that you're not an expert at health insurance. You probably wouldn't be able to explain the difference between a HMO, an EPO, a POS, a PPO, and an HDHP.

If this doesn't sound familiar, it's because you had better things to do since the last time you worried about insurance. But now you're deciding which insurance plans you want to offer your employees and acronyms are popping up everywhere. This handy reference guide will help make sense of the insurance literature you've been going through.


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Why use a PEO Broker?

First off, if you're scratching your head at the word "PEO," head over here first. This article is a must-read too, but it'll more helpful once you've learned about how a PEO can help boost your business' profitability while saving you weeks of time each year.

Are you in a PEO now? Were you once in a PEO? Read the above article or already know about PEOs? Then you know the advantages that they can bring. But here's why you should never go PEO-hunting without a broker again.


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Are you getting the best deal on your PEO?

If you're currently in a Professional Employer Organization (PEO), you've probably wondered if you should have played the field a little more. PEOs are guilty of relying on the complexity of their set-up to obscure costs and keep you from being as well-informed a customer as you might for other services like an accountant or a software vendor.

But "difficult to tell" doesn't mean unknowable. Read on to find out how to do your due diligence with any PEO.


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