As a business owner, offering excellent health care benefits is key to attracting and retaining top talent. However, the rising costs of health care premiums can make it challenging to find a group health plan that balances quality with affordability. In 2024, this challenge is more significant than ever as health care costs continue to rise.
This is where partnering with a professional employer organization (PEO) like Group Management Services (GMS) can make a substantial difference. By leveraging the collective power of a PEO, your business can access premier group health insurance coverage without breaking the bank. Let’s explore how GMS can help you secure better group health coverage for your employees.
Enhanced Buying Power And Cost Efficiency
A PEO provides your business with the buying power typically reserved for large corporations. GMS represents more than 50,000 employees, which allows us to help small businesses purchase group health insurance for an average of 26% lower for employee premiums and 15% lower for family premiums than the U.S. average.
GMS combines the collective strength of all its clients, allowing small to midsize businesses to gain access to the same competitive premiums as large companies. This means your business can benefit from lower health insurance premiums while still offering comprehensive coverage to your employees. With health care costs rising, this buying power is more valuable than ever, allowing you to provide top-tier benefits without sacrificing your bottom line.
Diverse Group Health Coverage Options
One of the biggest advantages of partnering with GMS is the ability to offer your employees a wide range of group health coverage options. Contrary to what some might believe, lower premiums through a PEO do not mean compromising on the quality of the health plans available to your employees. GMS partners with many major insurance carriers to provide various options tailored to meet the diverse needs of your workforce. These options include:
- Medical insurance
- Dental insurance
- Vision insurance
- Group life insurance
- Short-term and long-term disability
- Flexible spending account (FSA)
- Health savings account (HSA)
- Employee assistance program (EAP)
- 401(k) plan
- Telemedicine
- Accidental death and dismemberment (AD&D)
These options allow you to customize a benefits package that meets your employees' needs, helping you stand out as an employer of choice in a competitive job market.
Streamlined Administration And Compliance
Managing group health insurance can be complex and time-consuming, especially with the ever-changing landscape of health care regulations. GMS not only helps you access better group health coverage but also takes on the administrative burden. This includes managing enrollments, handling claims, staying on top of Affordable Care Act (ACA) regulations, and ensuring compliance with federal and state regulations.
You gain access to a team of experts who can train your employees on how your plan works and answer difficult health plan questions. With GMS, you can focus on growing your business while we manage the intricacies of your employee benefits program.
Lower Your Group Health Care Premiums With GMS
In today's economic environment, maximizing every dollar spent on employee benefits is crucial. By partnering with GMS, you can offer high-quality health care benefits at the reduced premiums typically enjoyed by larger businesses. This partnership not only improves the health and satisfaction of your employees but also enhances your company's financial health.
By leveraging our collective buying power, diverse coverage options, and comprehensive administrative support, you can significantly lower your group health care premiums while providing your employees with top-tier benefits. Contact GMS today to speak with one of our health care experts and learn more about how partnering with a PEO can benefit your business.