Employee Benefits
March 15, 2023
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
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 […]
September 21, 2022
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 […]
August 18, 2022
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 […]
July 12, 2022
Talk to ten economists and you will get ten opinions about what the economy will do in the next 12-18 months. However, there seems to be some consensus around the idea that a recession is coming, but not the degree. As a small business owner, we know you care more about what’s happening on the ground rather than the halls of policy. The housing market may be set for a bit of a downturn, but the fact remains that there […]
September 9, 2021
As we have been talking to Indy business owners over the past few months, they have been noting a new hiring trend in employee recruitment. Pre-pandemic, the gig economy was going strong with young workers looking for a big paycheck and flexibility. Post-pandemic, employers are now finding potential employees want more stability and health benefits – and they will not be hired without them. Businesses with over 20 employees who have relied on independent contractors to fill hiring gaps are […]
August 11, 2021
As we have been talking to Indy small business owners over the past few months, they have been noting a new hiring trend in employee recruitment. Pre-pandemic, the gig economy was going strong with young workers looking for a big paycheck and flexibility. Post-pandemic, employers are now finding potential employees want more stability and health benefits – and they will not be hired without them. Businesses with under 20 employees who have relied on independent contractors to fill hiring gaps […]
July 28, 2021
How can you grow your business without the workforce to support it? That very question has been plaguing many of our clients during the recent shortage in the labor force. According to the Harvard Business Review, offering flexibility for workers who have to commute and ensuring your salaries are on par with market rates are just two ways you can boost your chances of attracting employees. However, one of the most important things you can do is offer a rich […]
July 19, 2021
These days if you have 20-49 employees, offering employee health insurance is expected and frankly, necessary to attract and retain a quality workforce. However, group health plans can be expensive and seem out of reach for small businesses. Here is where a level premium plan may be a good option. In the group health world, there are two ways to fund a plan – fully funded by the insurance company, or self-funded by the employer. In the fully-funded model, the […]
June 11, 2021
A few years ago, companies that relied on their employees to find health insurance through the Affordable Care Act’s individual marketplace found the landscape in complete disarray. While things have finally stabilized for the moment, the practice of grossing up wages to pay for those plans is still not always the best option for mid-sized employers. The onus is on the employee and affordability is out of the company’s hands. But perhaps most importantly, businesses with a 20+ person workforce […]
June 2, 2021
Insurance brokers can say all they want about the many ways small businesses can offer quality health benefits, but “the proof in in the pudding” as they say. Two of our clients were gracious enough to tell their stories, offering solid examples of how and why small employers offer employee health benefits. Gettum Associates, Inc According to Jason Gettum, owner of Gettum Associates design & remodeling contractors located in Greewood, offering health insurance to his 13+ employees is important for […]
May 18, 2021
If you employ under 20 people, you may have found that offering employee health benefits to be cumbersome both in implementation and in cost. This does not have to be the case. The Wharton & Power Insurance Team has been helping local small employers offer high-quality health benefits for over 30 years. The health insurance industry has been all over the place since the passage of the Affordable Care Act. We have been here through it all, advising our clients […]