Group benefits, often referred to as employee benefits, are non-wage compensation provided to employees over and above their normal salaries. These can include health insurance, retirement plans, life insurance, disability insurance, dental and vision insurance, and more. These benefits contribute to employee well-being and job satisfaction, aiding in employee retention.

Offering group benefits can help small businesses attract and retain high-quality employees, enhance employee satisfaction, and improve productivity. Group benefits can also provide tax advantages for the business.

Yes, at Peterson Insurance & Financial Services, we work closely with small businesses to provide group benefits packages that fit within their budget while still offering valuable coverage to their employees.

Yes, Peterson Insurance & Financial Services offers group benefits solutions for businesses of any size, including those with just one employee. We believe every business, regardless of size, should have the opportunity to provide competitive benefits to their employees.

The types of benefits you can offer depend on your specific needs and the needs of your employees. Common group benefits include health insurance, dental and vision care, life insurance, disability insurance, retirement plans, and more. We can help you tailor a package that suits your business and your team.

Setting up group benefits starts with understanding your business's needs and budget. We then design a custom benefits package that provides the best value for you and your employees. Once the plan is implemented, we continue to manage the plan and serve as a point of contact for any questions or changes.

Competitive group benefits can make your business more attractive to potential employees and can increase employee satisfaction and loyalty. Benefits demonstrate that you value your employees and their well-being, which can lead to increased productivity and reduced turnover.

Absolutely, we at Peterson Insurance & Financial Services believe that every business is unique, and therefore, the benefits package should reflect that. We work closely with you to tailor a benefits package that meets the specific needs of your business and your employees.

Offering group benefits can be a financial investment. However, they can also lead to financial benefits such as reduced turnover, lower hiring costs, increased productivity, and possible tax advantages.

We offer ongoing management and support for your group benefits plan. We serve as a point of contact for any questions or changes and provide regular updates to ensure your plan continues to meet your needs and the needs of your employees.

Medical insurance is typically the largest component of a group benefits package. In Northwest Florida, Florida Blue and UnitedHealthcare dominate the market, with Aetna as a secondary option. Costs depend on benefits and network characteristics (e.g., HMO, PPO, High Deductible Health Plan) and whether the employer opts for fully insured or self-insured plans (also referred to as Level Funded or Balance Funded). Average Cost per Employee per Month (PEPM): Florida Blue: $500–$800 PEPM for comprehensive plans (e.g., BlueOptions PPO, BlueSelect EPO). Costs are lower for High Deductible Health Plans (HDHPs), averaging $400–$600 PEPM. Lower-cost options include SimplyBlue and Truli HMO plans. UnitedHealthcare: $450–$750 PEPM for PPO or HMO plans, with HDHPs ranging from $350–$550 PEPM. UnitedHealthcare tends to be less competitive with smaller employers with less than 50 employees, but exceptions do exist. Aetna: $550–$850 PEPM, with similar ranges for PPO and HMO plans. Costs may be slightly higher due to Aetna’s smaller regional presence. Key Factors Affecting Costs: Employee age, health status, and location (e.g., urban Pensacola vs. rural areas). Employer contribution level (e.g., 50% vs. 100% of premiums). Employers are often required to contribute at least 50% of the cost of the lowest-cost plan offered to employees. Plan design (e.g., deductible, copays, coinsurance). Cost-Saving Tips: Consider HDHPs paired with Health Savings Accounts (HSAs) or Health Reimbursement Arrangements (HRAs) to lower premiums. For small businesses, evaluate self-insured plans to potentially reduce costs, though these require careful risk assessment with our agents to ensure it is appropriate.

Dental Insurance Dental coverage is a highly valued benefit, and we partner with Guardian, Principal, and Colonial Life to offer flexible plans, including PPO, HMO, and indemnity options. Average Cost per Employee per Month: Guardian: $25–$50 PEPM for PPO plans, $15–$30 for HMO plans. Coverage includes preventive, basic, and major services, with annual limits around $1,500. Principal: $20–$45 PEPM, with similar coverage structures. Indemnity plans may cost slightly more due to flexibility in provider choice. Colonial Life: $15–$35 PEPM for supplemental dental plans, often used to complement major medical coverage. Key Factors Affecting Costs: Dental Insurance Dental coverage is a highly valued benefit, and we partner with Guardian, Principal, and Colonial Life to offer flexible plans, including PPO, HMO, and indemnity options. Average Cost per Employee per Month: Guardian: $25–$50 PEPM for PPO plans, $15–$30 for HMO plans. Coverage includes preventive, basic, and major services, with annual limits around $1,500. Principal: $20–$45 PEPM, with similar coverage structures. Indemnity plans may cost slightly more due to flexibility in provider choice. Colonial Life: $15–$35 PEPM for supplemental dental plans, often used to complement major medical coverage. Key Factors Affecting Costs: Network restrictions (HMO plans are cheaper but require in-network providers). Coverage level (e.g., preventive-only vs. comprehensive with orthodontia). Waiting periods for major services can impact perceived value. Cost-Saving Tips: Opt for HMO plans for lower premiums if employees are comfortable with in-network dentists. Bundle dental with medical plans through providers like Florida Blue’s BlueDental to streamline administration and potentially reduce costs. Network restrictions (HMO plans are cheaper but require in-network providers). Coverage level (e.g., preventive-only vs. comprehensive with orthodontia). Waiting periods for major services can impact perceived value. Cost-Saving Tips: Opt for HMO plans for lower premiums if employees are comfortable with in-network dentists. Bundle dental with medical plans through providers like Florida Blue’s BlueDental to streamline administration and potentially reduce costs.

Vision Insurance Vision plans, offered through Guardian, Principal, or Colonial Life, cover eye exams, glasses, and contact lenses, with options for in-network and out-of-network providers. Average Cost per Employee per Month: Guardian: $7–$15 PEPM for comprehensive plans, including $10–$25 deductibles for exams or materials. Principal: $8–$16 PEPM, with similar benefits and discounts on LASIK or additional eyewear. Colonial Life: $6–$12 PEPM for supplemental vision plans, often with fixed reimbursement schedules. Key Factors Affecting Costs: Choice of in-network vs. out-of-network providers (in-network is cheaper). Coverage for glasses vs. contacts (dual coverage increases costs). Cost-Saving Tips: Encourage employees to use in-network providers to maximize savings. Pair vision plans with UnitedHealthcare’s bundled offerings for potential discounts.

Basic Life Insurance Basic life insurance is often employer-paid and provides a modest death benefit, typically $25,000 or 1–1.5x annual salary. Average Cost per Employee per Month: Guardian: $5–$10 PEPM for $25,000 coverage, fully employer-paid in many cases. Principal: $4–$9 PEPM, with costs scaling based on coverage amount and employee age. Colonial Life: $5–$12 PEPM, often bundled with supplemental life options. Key Factors Affecting Costs: Employee age and salary (higher salaries increase coverage and premiums). Whether Accidental Death & Dismemberment (AD&D) is included. Cost-Saving Tips: Offer basic life as a fully employer-paid benefit to enhance employee satisfaction without significant cost. Use providers like Principal for flexible coverage options to balance cost and value.

Short-Term Disability (STD) Insurance STD provides income replacement for temporary disabilities due to non-work-related injuries or illnesses, typically covering 60–70% of income for 12–26 weeks. Average Cost per Employee per Month: Guardian: $15–$30 PEPM for 60% income replacement, with a 14–30 day elimination period. Principal: $12–$25 PEPM, with customizable elimination periods and benefit durations. Colonial Life: $10–$20 PEPM for supplemental STD plans, often with fixed weekly benefits. Key Factors Affecting Costs: Benefit percentage and duration (shorter periods lower costs). Employee salary levels (higher salaries increase premiums). Cost-Saving Tips: Choose longer elimination periods (e.g., 30 days) to reduce premiums. Bundle STD with other benefits through UnitedHealthcare or Colonial Life for administrative simplicity and potential savings. Long-Term Disability (LTD) Insurance LTD provides income replacement for extended disabilities, typically covering 60% of income after a 90–180 day elimination period, up to age 65 or Social Security Normal Retirement Age. Average Cost per Employee per Month: Guardian: $20–$40 PEPM for 60% income replacement, up to $15,000/month maximum. Principal: $18–$35 PEPM, with options for cost-of-living adjustments that increase premiums. Colonial Life: $15–$30 PEPM, often paired with supplemental plans for added flexibility. Key Factors Affecting Costs: Employee salary and age (higher salaries and older employees increase costs). Elimination period length (longer periods reduce premiums). Cost-Saving Tips: Offer LTD as a core benefit with a 180-day elimination period to balance cost and coverage. Use providers like The Standard (via Guardian or Principal) for competitive rates and reliable claims processing.