PEO Master Medical vs. Open Market Medical Insurance: What’s Best for Your Business?

At BestFit PEO Solutions, LLC, we understand the importance of choosing the right health insurance solution for your business.

While a PEO Master Medical Policy is often the ideal route for many companies due to its group purchasing power, streamlined administration, and comprehensive benefits, there are situations where exploring the open market can provide value.

Here’s a breakdown of both options:

PEO Master Medical Insurance

A PEO Master Medical Plan allows small to mid-sized businesses to access group health benefits typically reserved for larger organizations. This option provides:

1. Better Rates Through Group Purchasing Power: By pooling employees from multiple businesses, we secure competitive premiums and enhanced coverage.
2. Simplified Administration: We handle the heavy lifting—enrollment, claims, and compliance—so you can focus on running your business.
3. Regulatory Compliance Support: Stay ahead of healthcare laws like the ACA with our expert guidance.
4. Comprehensive Benefits Packages: Access medical, dental, vision, and more, often at a fraction of the cost of going solo.

Open Market Medical Insurance

On the other hand, open-market insurance is purchased directly from insurers and offers:

1. Tailored Flexibility: Customize plans to fit your unique needs with a wide array of options.
2. Greater Control: Design your plan’s coverage, deductibles, and provider networks to align with your budget and employees’ preferences.
3. More Responsibility: Businesses must handle administrative tasks and compliance independently, requiring more HR resources.
4. Risk-Based Premiums: Premiums are calculated based on your workforce size and health risk, which can be costlier for smaller businesses.

How BestFit PEO Solutions, LLC Can Help

As a licensed insurance broker, we evaluate your business’s unique needs to determine the most suitable path. Whether you choose a PEO Master Policy for its ease and cost savings or opt for the open market for customization, we’ll ensure the process is seamless.

When the open market is the better fit, we’ll handle the quotes and collaborate with PEOs that excel in benefits administration to make your experience smooth and efficient.

The Bottom Line

At BestFit PEO Solutions, LLC, we’re here to help you navigate these options and find the perfect fit for your business. Whether you’re focused on cost savings, comprehensive coverage, or tailored flexibility, we’ll guide you every step of the way.

Contact us today to learn more about your options and how we can make your benefits strategy work for you.