Founded in 2019, Bobby Hyatt’s State Farm agency works with businesses and individuals to identify and purchase auto, home, business, property, life, and health insurance policies, as well as other products.
New State Farm agency owner Bobby Hyatt wanted to provide health benefits to his employees right away. He knew what it was like to stress about medical needs during work, and he wanted to remove that distraction for his employees.
But Hyatt encountered a problem many small insurance agencies do: between budgetary constraints and the diverse needs of his employees, group health insurance wasn’t a solution.
He spoke with other agency owners and discovered that many of them offered a taxable stipend to avoid the difficulties that came with a group plan. That didn’t feel right either, though.
“Extra money in your employees’ paychecks just gets taxed from both ends, so it’s not a true amount you’re giving to help them,” Hyatt said.
In the process of setting up his agency, Hyatt was referred to PeopleKeep. He was excited to learn that with PeopleKeep, he could reimburse his employees for health insurance and other medical needs through a monthly tax-free allowance.
Not only did this allow him to offer a formal tax-free benefit, but it also provided value to his employees who were already covered through their spouses’ group plans.
“This would work for everyone,” Hyatt said. “And I knew that with PeopleKeep, the amount I’d give would be a true amount and that it would go towards medical benefits.”
He decided to give it a try.
Hyatt’s State Farm agency has thrived with PeopleKeep.
Everyone receives the full, tax-free value of their allowance, and Hyatt has been successful in his goal of helping employees meet their medical needs. One employee was even able to purchase prescription sunglasses, an expense he’d been putting off because of the cost.
As his agency grows, Hyatt feels PeopleKeep will continue to help him support his employees while recruiting new ones.
“I’m a big believer in making sure my employees’ lives are taken care of to the best of my ability,” Hyatt said. “PeopleKeep is a great resource that’s easy to use, it’s cost-effective, and it empowers your team to get their medical needs taken care of.”