Here we are in the fourth quarter, and it is time for most businesses to wrap up operations for the fiscal year and prepare for the new year ahead. One of the tasks many businesses dread is processing the healthcare renewal for the upcoming year. Double digit increases in healthcare costs for most small to midsize businesses in the United States have become the new normal. In 2019, the annual health insurance premium for a family plan surpassed the $20,000 mark for the first time. Under current conditions, premiums increased 5%, wages grew by 3.4%, and inflation rose 2%. In the past decade, the average premium for a family health plan has increased by a whopping 54%.
Health Insurance Is a Top Concern For Employees
After salary, the number one concern for employees is health insurance. To retain top talent, a company must be able to provide top-notch benefits. This is even more important for small to midsize companies who suffer large financial consequences when a key employee leaves the organization. What can you do? Trying to negotiate better rates is often an exercise in futility. Partnering with a PEO, however, gives businesses access to better rates, which would otherwise be out of reach. Through the benefit of a much larger pool of employees, getting lower rates for premium plans is possible. With a January 1st healthcare renewal just around the corner, now is the time to consider this option.
Save Time and Get Better Benefits With a PEO
The best thing about partnering with a company like America’s Back Office is you get access to Fortune 500 level benefits. You also get a complete turn-key Human Capital Solution, workers’ compensation, risk management, payroll, human resources, and governmental compliance and taxes. America’s Back Office has been helping companies comprised of 2 employees to 3000 with all their HR needs for 23 years.
Why Do It Yourself When ABO Can Do It For You at a Fraction of The Cost?
Now is the time to compare what you are paying for healthcare renewal with what ABO can offer you? For a free proposal with no strings attached, call 1-(586)-997-3377, today, and start fighting back against rising health insurance premiums.