Did you know that together with the Health Care and Education Reconciliation Act, Obamacare represents the most significant regulatory overhaul of the country’s healthcare system since the passage of Medicare and Medicaid in 1965?
With the number of complexities and concerns on the rise for small to medium sized businesses, many are opting in for a co-employment relationship with a PEO.
- With health insurance rates on the rise and the implementation of the Affordable Care Act, businesses are looking for ways to continue offering robust benefits to their employees, but also keep their expenses under control. PEOs bring purchasing power to the table alongside access to Fortune 500 quality health insurance packages and previously unavailable benefits such as 401(k), Section 125 plan and Flexible Spending.
- Without even factoring in the rules and regulations associated with Obamacare, there are more than 60 employment-related governmental regulations; compliance alone is a full-time job. PEOs assume much of the liability associated with healthcare regulations and employee management. Expert help with risk management and compliance protects business owners from costly fines and lawsuits.
- A number of PEOs are now providing valuable online resources such as calculators to help evaluate the effects the Affordable Care Act will have on businesses. These calculators can help determine whether a business should pay the penalty or provide medical benefits. They outline the costs by company size and determine which variable hour employees must be offered benefits.
- A PEO can help make sense of complex language. In addition to calculators, some PEOs also offer cliff note-like summaries of various healthcare acts in order to help business owners quickly navigate to the answers they need without getting overwhelmed.
- With healthcare and compliance under control businesses can finally concentrate on their core competencies and put their growth plans in motion.
Is your business looking to cut healthcare costs and ensure a compliant workplace in the upcoming year? Call 877-636-9525 or Get a Free Quote Online to find the best Professional Employer Organization for you.