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Benefits: Medical, Dental and Vision

Whether you currently offer benefits, or if you are thinking about offering them at sometime in the future, here you will find a background on Medical, Dental and Vision benefits.

Medical, Dental and Vision benefits are purchased by companies through a benefits broker. In recent past there have been quite a few benefits brokers who have started offering other services as part of a package. Zenefits and Gusto, for example, administer benefits and also offer timekeeping, payroll, PTO tracking and other services. Generally first time employers who would like to offer benefits start with one of these options. Additionally there are Professional Employer Organizations (PEOs) like ADP, Insperity and TriNet which also offer benefits.

The cost for medical, dental and vision benefits is different for small employers and large employers. The idea is that small employers are spreading the risk of serious illness among a smaller number of staff and therefore present greater risk. The flip side of that is that smaller employers are employing a smaller number of people and therefore present less risk. . . but that's not how the insurance companies decided to interpret things. So, if your company goes with a PEO like ADP you are able to access the large employer group rates thereby lowering the cost of medical, dental and vision insurance for your staff. The trick here is that PEOs generally have administration costs which may or many not make them more affordable for your company in the end.

When you start looking for benefits, or if you are auditing your benefits to possibly make a change, the best thing to do is to compare 3 – 4 of the above options. This is a time-intensive project, and it can help to have outside help to compile all this information.

Need some assistance? Schedule a meeting with Candice here!

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