ResourcesSmall Business Health Care Hub by JPMorganChase
How to know you have the right professional employer organization
The right PEO can provide access to large-company benefits, streamline payroll and compliance, reduce costs, and offer added programs like reimbursements and wellness support.
Choose the right health insurance advisor for your needs
Enhanced HR support for benefits administration
Professional Employer Organization (PEO)
SMALL TO MEDIUM-SIZED BUSINESSES
PEOs provide a full range of HR services, including health insurance, payroll, benefits, tax administration and compliance. They are a good fit for businesses needing HR support like payroll and tax processing, or recruitment and talent management. Larger PEOs offer health insurance through shared plans, while smaller ones may focus on individual business policies.
Why choose a PEO?
PEOs are ideal for businesses that want to simplify HR tasks and potentially save on health insurance costs.
Consider the trade-offs:
ADVANTAGES
- Access to health, dental and other benefits usually available to larger companies
- Manage payroll, withholdings and W-2 forms, making these tasks easier
- Manage group health plans, which can lower premiums and administrative costs
- Provide extra health benefits beyond insurance, like reimbursement accounts and wellness programs
DRAWBACKS
- May be more expensive due to bundled services.
- You may need to give up some control, as the PEO makes decisions about plan design for employees.
See other health insurance advisor options
Assistance enrolling with a specific insurance company
- In-depth knowledge of specific insurance products to help design your plan.
- Personalized service and advice tailored to your needs.
- Strong relationships with insurers, potentially offering better rates.
Assistance comparing options and administration
- Access to a wide variety of plans from multiple insurers.
- Skilled in comparing options and negotiating rates.
- Help with plan administration, including employee support.
Access to fully insured group plans with tax benefits
- Eligible small businesses can receive tax credits to lower the cost of coverage.
- Offers a range of standardized plans, making it easier to compare options.
- Access to support and guidance through the SHOP marketplace.
Your input will allow us to improve the quality of resources we provide. If you have any further feedback, please contact us.