I tried to go thru the Healthcare.Gov site and couldn’t really figure out how to navigate the plans for my employees.
Are there some companies/agents that would work with us to provide benefits? I would also like to offer 401k and other retirement plans as well
Any place to help get started would be appreciated.
You should check out Park Thrive! I’ve heard great things about the company and how they’ve added additional revenue to growing businesses by helping to monetize any parking area. I know they allow you to charge customizable rates for parking during hours of your choice.
https://www.parkthrive.com/We found that it was much cheaper for employees to get their own insurance from healthcare.gov than anything we could get as a business, and they usually got better coverage as well that way.
Extremely frustrating, though — it makes it very hard for small businesses to compete benefits-wise with big corporations.
Reach out to Michael Fox at Southern Benefit Systems. They do amazing things for businesses when it comes to healthcare benefits - not your typical broker and can custom make a plan for your team that can make it more affordable for both you and the employees and provide great coverage. I work with them for their marketing and am so impressed with that they do, so I always recommend them. Their number is 864-408-9922 or southernbenefitsystems.com. Hope that helps!
Two thoughts
Make another pass at the SHOP site (healthcare.gov). The subsidies are real and substantial if your company qualifies. IMHO, Working with other health insurance companies and brokers will be at least as complex as the SHOP site.
Contact BCBS of VA directly, BCBS of NC has a great small business plan they sell directly to owners and are easy to work with. We moved from United a few years back and it’s really great.
Also keep in mind that most Brokers represent the companies that pay them best, they’re mostly sharks that way and you’re are just bait fish to them.
It’s all VERY expensive so there’s no way around that bit!
Gusto will be low-cost, take care of payroll, and give you access to benefits. Good technology, but hard to get in touch with anyone for support unless you get the highest-level package. Health insurance will be the same as if you were to shop on the open-market.
TriNet (a PEO) will give you a ton of benefits options, but is pricey on the admin side for a small team, but will give you large-group insurance options.
I work for Justworks (also a PEO). We specialize in working with small businesses to offer group rates on all benefits and offer benefits optionality to find the best option for you whether that’s through our large-group policy (using economies of scale to offer richer plans at affordable rates), or small group (open market plans). Either of these options could be the right option for your team. Feel free to DM me and I can probably point you in the right direction
I would second a PEO. It takes all the HR crap off your plate. My company uses Insperity, and although they are pricey I’ve heard zero complaints about them over 10 years.
Also look at regional PEOs. There will be cheaper and may offer better quality service just b/c they are local. (Or they can suck, be sure to get some reviews/references.)
Look into a Simple IRA instead of 401k. The fees and oversight make a 401k expensive for small business’s. The Simple IRA is set up for smaller businesses.
You are capped at 3% employer contribution.I had a health advisor help me get a small group plan for my employees. He’s been a great help.
It varies wildly by state. The options in California were exorbitantly expensive and by comparison Oregon was quite reasonable.
When we hit 5 employees we joined TriNet. They handle all HR, payroll, benefits, retirement accounts as a PEO. Costly overall but if you want/need to offer these services to attract talent than it’s worth it.
Hi!! I am a health insurance advisor licensed in Virginia! I specialize with working in small businesses and helping them choose the right coverage! I have access to every plan in the state! If you are interested feel free to DM me!