January 7, 2021 | By Laura Platero
Without the right health insurance, you can't attract and retain top talent. Yet, it can be a major expense that can impact your business' bottom line. It's particularly difficult for small companies, who find it hard to offer the same benefits as larger firms. You may end up losing good employees to somebody who can.
Using a professional employer organization allows you to get better benefits for a lower price and benefit from expertise. However, many mistakenly think that means you only have one option for health insurance, whether it meets your needs or not.
Questco offers three main ways to provide your employees with benefits:
If you have not been able to offer cost-effective benefits or if you have only been able to provide, for example, a catastrophic plan, joining our health insurance master plan is your best option. Our master plan ensures high-quality coverage for your employees by leveraging economies of scale. By aggregating the employees of all of our client companies, we create a larger pool of employees. This reduces risk for the insurance company, which enables lower premiums.
Different employees have different needs. That’s why Questco offers options which range from basic, affordable coverage to more comprehensive coverage with higher premiums. You can offer different options to different employees depending on their salary, position, and preferences.
In other words, far from getting less choice in terms of the benefits you offer, you get more. Our licensed experts can guide you through the process of what to offer and suggest supplementary products that might help your employees.
Alternatively, you may have spent a lot of time and effort coming up with the perfect plan for your employees. Everyone is happy with the benefits and cost. Can you get the advantages Questco offers without changing it?
The answer is: Absolutely.
You can opt for benefits administration only, and Questco will work with your current broker to keep your current plan where it is. Not many PEOs will do this because of the higher cost to them, but we believe in providing our clients with maximum flexibility. You will also have the peace of mind of knowing that if your insurer abruptly hikes premiums, changes the rules, or drops coverage, you can switch to one of our other plans quickly, easily, and without the hassle of shopping around. However, you can continue to use your plan for as long as you want, while benefiting from all of the other services and advantages, such as reduced administrative burdens and not having to worry about compliance issues.
If you are not happy with your existing broker and do not qualify for or want our master plan, we have our own broker who can help you find either market ACA coverage or alternative coverage. We understand that while we offer a variety of options, you might want or need something that we do not provide. Although this will not give you the economy of scale of our master plan, we can help you find the best deal for your company's needs.
Our broker approaches health insurance the same way as any other broker, and we will not try to push you into an unsuitable plan. Our brokers come with a lot of experience and the knowledge that comes from watching how insurers have treated other businesses like yours.
No matter how you feel about your outsourcing employee benefits, we can offer incredible value and help you get time back. Your employees will get the coverage they need at costs they can afford. You will have to make fewer hard decisions about what benefits to offer. Questco's master health plan and brokerage choices will help you start, or continue to, offer the health coverage your team deserves. And in the end, that flexibility is what counts the most.
Laura serves as the Director of Product Strategy. She is an expert in large scale benefits account management, project management, product development, sales, customer service, and benefits consulting.