Healthcare Plans Double For 25-50 Employee Businesses in 2018
Businesses who have been able to keep their existing healthcare plans since the Affordable Care Act (ACA) was signed into law in 2010 will have to transition to ACA plans, effective Jan. 1, 2018. Grandfathered healthcare plans are no longer an option. Businesses with less than 50 employees are being faced with a 50%-100% cost increase. The only way to prevent the large cost increase is to join a PEO like Syndeo.
Typically, with PEO-sponsored benefit plans, employees will have access to a wider variety of benefits than a small business would be able to obtain on its own. This includes medical, dental and vision coverage, a health care flexible spending account, a retirement plan, life insurance and personal accident insurance, disability insurance and more.
As small businesses with grandfathered health care plans begin transitioning to a new ACA plan, they’ll notice changes such as a higher cost, but also improved health care. ACA plans offer additional benefits such as maternity coverage and cap out-of-pocket expenses for customers, and insurers must offer coverage to everyone who applies.
Additionally, ACA plans offer free preventative care, allow you to enroll if you have a pre-existing condition and guarantee your right to appeal a coverage decision, among other perks.
"As the ACA continues to mature, we want to be an ally for small businesses in Kansas City who are facing these unexpected cost increases,” says Bill Maness, President, and CEO of Syndeo Outsourcing. “We strive every day to take care of our clients and provide them with solutions that they may not be able to provide on their own."
In recent years, PEOs such as Syndeo have seen exponential growth. INC. Magazine named Wichita-based Syndeo Outsourcing to its annual listing of the 5,000 fastest-growing private companies in America. Syndeo is ranked 1754 on the 36th annual INC. 5,000 list with a 222% growth during the last three years of operation.
Since its founding in 2002, Syndeo has been a professional employer organization or PEO. This means that Syndeo can work with companies to provide comprehensive and affordable benefits through a business-to-business relationship called “co-employment”. Through the co-employment relationship, a PEO takes on many of the employee-related employer responsibilities, while business owners can focus on running their business.
Earlier in 2017, Syndeo, a regional leader, was one of only two Kansas companies to be approved by the IRS as a Certified Professional Employer Organization (CPEO). This certification is currently held by only 84 companies around the United States and, while voluntary, ensures added protection to employers who utilize a professional employer organization. Syndeo is also an Employer Services Assurance Corporation (ESAC) accredited professional employer, which ensures compliance with government regulations and industry standards.
Consider utilizing a PEO like Syndeo Outsourcing so that you are eligible to fold into a large group health plan where you have additional options.
About Syndeo Outsourcing
Syndeo is a Kansas-based, human resources company. Headquartered in Wichita, Kan., with an office in Kansas City, Syndeo has developed expertise in the region’s diverse economy, along with a solid background in what works for Kansas businesses. The Syndeo family of companies consists of Syndeo Outsourcing – a human resources outsourcing provider, Syndeo Payroll Solutions – a full-service payroll services provider, and Syndeo Staffing – a full-service recruiting and staffing services provider. Syndeo also provides consultation and services in workers compensation administration, benefits administration and more. Wichita-based Syndeo is ranked 1754 on the 36th annual INC. 5,000 list for fastest growing private companies in America. For more information, visit syndeohro.com.
*The IRS does not endorse any particular certified professional employer organization. For more information on certified professional employer, organizations go to www.IRS.gov.