Wharton & Power Insurance

July 9, 2024

A Comprehensive Guide to Setting Up an ICHRA

In our past blogs, we have highlighted the benefits of an Individual Coverage Health Reimbursement Arrangement (ICHRA) for you and your employees. Offering health benefits through this program can be a game changer for your organization, providing flexibility and potential cost savings. But how do you go about implementing an ICHRA? The following guide outlines a clear, actionable framework for you, your staff, and us – your partners in the process. Understanding ICHRA Before diving into setup procedures, here’s a […]
June 18, 2024

Why The Big Stay of 2023 Continues in 2024

In recent years, a notable workforce trend has emerged and persisted: the phenomenon known as “The Big Stay.” According to a May 2023 Forbes article, “The ‘Big Stay’ is a term used to describe the trend of workers hunkering down and remaining in their current jobs for more extended periods of time. This trend contrasts the Great Resignation, which saw a record number of workers – 4 million each month – quitting their jobs in 2021 for better pay and […]
June 3, 2024

Employee Health Benefits: ICHRA Contribution Basics

At Wharton & Power Insurance, we understand that the landscape of employee health benefits is rapidly evolving. With the emergence of the Individual Coverage Health Reimbursement Arrangement (ICHRA), we are entering an era where flexible, personalized healthcare is more than just a pipe dream – it’s a reality. To take advantage of this new program, the first step is to find the appropriate ICHRA contribution for your business. What is ICHRA? An ICHRA is an employer-funded Health Reimbursement Arrangement that […]
May 13, 2024

Employee Health Insurance Ranks #2 on Employee Expectations

For small business owners, the state of US employment is not a happy subject. A historically low employment rate means increased competition for quality team members. Whether or not your company offers benefits can make or break your ability to attract and hire new people – especially employee health insurance options. Over the past few years, businesses are increasing their benefit offerings to keep up with employee demand. If you are not doing the same, it may mean you may […]
May 13, 2024

Attracting the Next Generation of Employees in the Home Improvement Industry

Each generation of employees brings a new dynamic to the workplace. According to Vibha Sathesh Kumar at Johns Hopkins University, Baby Boomers were looking for job security from their employers, while Gen X wanted advancement and work-life balance. Millennials and Gen Z expect different traits when choosing where to work, including social awareness and diversity. To attract and retain this next generation of employees, businesses in the home improvement industry must adapt to meet them where they are. Embracing Diversity […]
May 6, 2024

ICHRA Programs: The Benefits and How-Tos

Owning a small business is rewarding. However, it comes with challenges, one of which is providing employee health coverage. Traditional employer-sponsored programs often do not fit into the business model or budget for an organization that employs under 50 people. Fortunately, ICHRA programs offer several benefits for small businesses looking to offer the coverage that employees expect these days. Benefits of ICHRA Programs Cost Control and Flexibility With ICHRAs, you have more control over your healthcare budget by deciding how […]
May 6, 2024

Health Insurance Options for Small Business Owners

Owning your own business comes with a lot of perks – and headaches. While it is gratifying to call your own shots, strategizing growth and providing a living for your employees, often owners put themselves at the bottom of the priority list. The fact is that there is a need for health insurance options for small business owners too! And their families. You may feel that finding a group health plan for just a few people is impossible or cost […]
April 18, 2024

How AI Can Benefit Your Home Improvement Business

While artificial intelligence capabilities have been around for years, the launch of Chat GPTs generative AI tool in 2023 has placed them front and center in people’s minds. Regardless of whether you are gung-ho or wary, AI is already having an impact on our personal and professional lives. As a business in the home improvement industry, you have an opportunity to leverage AI to streamline operations and enhance customer experiences, while maintaining an authentic human connection with your clients. Ways […]
April 1, 2024

Employee Health Benefits 101: What is an ICHRA?

The Wharton & Power Insurance Team helps businesses like yours offer the health benefits employees are looking for at a price that fits into your budget. One option that has been especially impactful for our clients is an Individual Coverage Health Reimbursement Arrangement (ICHRA). What is an ICHRA?  Find out below! What is an ICHRA? An ICHRA is an employer-funded Health Reimbursement Arrangement that allows companies of any size or industry to reimburse their employees tax-free for qualified medical expenses. […]
March 13, 2024

Nurturing Mental Health in the Workplace: A Vital Investment for the Home Improvement Industry

In today’s fast-paced and demanding environment, mental health in the workplace has emerged as a critical issue affecting employees across all industries. Small employers like you, in particular, face unique challenges when it comes to addressing mental health concerns among your workforce. Many smaller employers do not have a dedicated HR department or comprehensive Employee Assistance Program in place. These factors can make it challenging to effectively support employees struggling with mental health issues. However, investing in mental health initiatives […]
October 12, 2023

Start an Employee Health Insurance Program January 1

Offering employee health insurance within a small business is not an easy decision. There are costs involved and not just monetary, but also staff (and your) time. Entrepreneurs often find themselves working in their business rather than on their business, making implementing employee benefits even more taxing. For over 15 years, the Wharton & Power Insurance Team has supported the BAGI community in taking the leap to providing group health insurance. Below we outline our steps that seamlessly lead you […]
September 14, 2023

It’s September: Crunch Time for Employee Health Coverage

If you want to renew or start employee health coverage by January 1, now is the time to reach out to your broker. There is a lot that goes into the process – reviewing your renewal, collecting business and employee data, sending it to the underwriter for approval, and then implementing employee onboarding. While the idea can be daunting, you are not alone! The Wharton & Power Insurance Team has a proven process for timely approvals and personalized employee support […]
August 30, 2023

How to Prepare for a Retiring Workforce

10,000 Americans reach 65 every day. While the average age of retirement has increased over the past three decades, health, family, and financial considerations serve as the major triggers for leaving the workforce. Regardless of the reason, losing an employee with deep knowledge and experience can be a difficult blow. With the lack of qualified people available for hire in the home improvement industry, the impact on your business can be even greater. How do you prepare for a retiring […]
August 1, 2023

Thinking of Offering Employee Health Insurance? Read this.

With August’s arrival comes back to school, Indiana State Fair visits, and final weekends at the lake. And, if you are thinking of offering employee health insurance, it’s also time to start considering your options. For larger organizations, January 1 is a typical start date for group health insurance. However, small businesses can be more flexible with their timeframes, though it still takes a while to wade through the decisions underlying the process. To help begin your journey, we outline […]
July 19, 2023

A Health Insurance Option for All Kinds of Employees

With shrinking candidate pools being the top concern for the home improvement industry, employers are having to be flexible with their definition of “employee”. While part-time, varied hours, apprenticeship, etc. positions are becoming more common these days, the demand for benefits has not changed. Fortunately, the ICHRA program provides an employer health insurance option that offers many employee classifications the benefits they seek. ICHRA Overview This program launched in 2019 allows employers to contribute pre-tax dollars for employee health care. […]
July 12, 2023

Applying Shifting Employee Expectations to the Home Improvement Industry

Quiet quitting, remote work, flexible schedules and inclusive environments are just a few examples of the recent vocabulary of employment these days. These new words reflect shifting employee expectations which small and large businesses alike must contend with. The home improvement industry faces some challenges in adopting the way people want to spend their working hours. The fact is, to have something built, repaired, designed, etc., someone has to show up to do it. How can businesses like yours balance […]
June 26, 2023

Is There a Value to Offering Employee Assistance Programs?

If you have been shopping for employee health benefits, you may have been hearing about Employee Assistance Programs (EAPs) and the value they can bring to your employees. But at the end of the day, business decisions must have value for the business too! Turns out there are many bottom-line benefits to offering an EMP to your team. According to the US Office of Personnel Management (OPM), an EAP is “a voluntary, work-based program that offers free and confidential assessments, […]
June 12, 2023

Employee Benefits that Support a Positive Culture

Some of our most recent blogs have noted the importance of positive company culture in attracting and retaining employees. While you might initially think of ping pong tables and happy hours, it is actually structured employee benefits that play the largest role in sustaining a supportive work environment. Which ones are most important to employees? Take a look below. Recognize Good Work According to GreatPlaceToWork.com, having a measurable and consistent program for rewarding employee excellence demonstrates that your organization values […]
May 31, 2023

How Small Employers Can Compete with Large Employers for Workers

According to the Wall Street Journal, the current construction boom plays a large part in creating the lowest unemployment rates we have seen in the last 50 years. With both commercial and residential construction spending continuing to rise, it’s no wonder that the competition for employees is fierce. As a local business, it may seem impossible to attract and retain a workforce when you are up against larger or national competitors. Below we offer some tips on how small employers […]
May 16, 2023

3 Tips for Supporting Your Employees Through Difficult Times

As an entrepreneur, you know that quality employees are central to growing your business. Once you have attracted talent to your team, it is essential to retain them by investing in their personal success during both good and bad times. With May being Mental Health Awareness Month, we thought we would offer some tips on supporting your employees through difficult times. 1) Create a Culture of Communication, Support and Inclusivity Employees experiencing a personal crisis are not bringing their best […]
April 20, 2023

Attracting Employees in 2023

In the Builders Association of Greater Indianapolis’ January 2023 State of the Industry Report, members of the home improvement industry found many things to be optimistic about. Low new and existing home inventory, increasing household formation and growing interest in new homes by the two largest population segments – millennials and empty nesters – create a positive landscape for business in 2023. BAGI sees current negative market conditions as a correction, not a recession, with continued opportunities for builders, remodelers, […]
April 5, 2023

Employee Health Insurance Option You May Not Know About

As a business owner, you face many issues competing for your time, and employee health insurance may not get the attention it needs. However, it is always top of mind for us, so we thought we’d share an option you may not know about which eliminates barriers to offering benefits to your team. ICHRA: An Employee Health Insurance Option You May Not Know About The ICHRA program was launched in 2019 via a rule issued by the US Departments of […]
March 15, 2023

3 Tips to Tackle Employee Challenges Facing Small Businesses

Although the past three years have not been easy, a looming recession, a home-buying slowdown, and historically low employment rates make owning a small business in the home improvement industry even more challenging in 2023. When uncertainty is the theme of the times, small business owners like you often rely upon the ingenuity and grit that drove you to become an entrepreneur in the first place to get you through. However, a business cannot run, let alone grow, without a […]
November 8, 2022

Tips for A Smooth Open Enrollment Season

With the arrival of November comes fall colors, cooler weather, rewinding clocks – and open enrollment! Since health benefits are important to employees, this time of year can be stressful for you and your team. Getting everyone on the same page with cost and coverage changes that are inherent to a new policy year, and then signed up for the right option, is not easy. Below we offer some tips to help you ensure a smooth open enrollment season. Start […]
October 26, 2022

Three Things to Consider When Choosing an Employee Health Plan

Fall is upon us, which means it’s employee health plan renewal season! As a small business owner, it can be difficult to find the bandwidth to consider all the factors that go into either keeping the same plan or finding a new one. This time of year could also be when you decide to begin offering benefits. Below we offer three things to consider as you move through the planning process. Employee Health Plan Costs The cost of an employee […]
October 12, 2022

It’s October: Get Your Employee Health Insurance Straightened Out Now

If you want to renew or start an employee health insurance plan by January 1, now is the time to reach out to your broker. There is a lot that goes into the process – reviewing your renewal, collecting business and employee data, sending it to the underwriter for approval, and then implementing employee onboarding. While the idea can be daunting, you are not alone! The Wharton & Power Insurance Team has a proven process for timely approvals and personalized […]
September 21, 2022

Employee Health Insurance Options Rank #2 on Employee Benefit Expectations

For small business owners, the state of US employment is not a happy subject. A historically low employment rate means increased competition for quality team members. Whether or not your company offers benefits can make or break your ability to attract and hire new people – especially employee health insurance options. Over the past few years, businesses are increasing their benefit offerings to keep up with employee demand. If you are not doing the same, it may mean you may […]
September 5, 2022

Small Business Owners Need Health Insurance Too

Owning your own business comes with a lot of perks – and headaches. While it is gratifying to call your own shots, strategize growth and provide a living for your employees, often owners put themselves at the bottom of the priority list. The fact is that small business owners need health insurance too!  And their families. You may feel that finding a group health plan for just a few people is impossible or cost prohibitive. However, there are many options […]
August 18, 2022

Read This Before You Renew Your Employee Health Insurance

Summer vacations are complete, and the kids are back in school – all signs that group health plan renewal letters will soon arrive in your mailbox! According to the Society for Human Resource Management, the expected average rate increase for 2023 employee health insurance will be 5.6%. Even though the rising price tag is under the current 8.5% inflation rate, the home improvement industry has already been hit with higher business costs since the beginning of the pandemic. Rather than […]
August 10, 2022

BAGI Group Health Program Case Study: Mirror & Glass Concepts

BAGI Member, John Grecco, Co-Owner (along with his wife Debi) of Mirror & Glass Concepts in Carmel, Indiana, recently spoke to us about their experience replacing their previous group health plan to the BAGI option: “We had insurance for our employees but were looking for a change due to a couple of factors. When we purchased the business three years ago, only some employees had health coverage. We wanted to offer the option to everyone and worked with a local […]