Health Insurance

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 […]
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 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 […]
November 6, 2021

Health Insurance Options for Small Business Owners

As a small employer, you may feel there are just too many barriers to offering an affordable employee health insurance plan yourself. Too few employees, high costs and poor risk ratings are the top three worries. Fortunately, there are affordable options out there for businesses like yours. Too Few Employees to Qualify The ICHRA program makes offering health benefits to a small group of employees, including yourself, much easier than before. Launched in 2019, ICHRA allows a wider definition of […]
August 11, 2021

Small Employers Uncover a New Post-Pandemic Hiring Trend

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

Looking to Hire? You Need to Offer Employee Health Insurance

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

When a Level Premium Employee Health Insurance Plan Could Suit Your Business

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 16, 2021

Why Small Employers Need to Offer Employee Health Insurance

When we talk with our small business clients about their largest challenges, finding good employees is at the top of the list. Small employers need to offer employee health insurance in this challenging hiring market. Beyond being able to compete with other employers, there are more key advantages to providing benefits: 1) Employee Satisfaction – Company culture is an important factor in enhancing employee engagement, productivity and performance. Organizations that support both their employees’ professional and personal well-being contribute to […]
October 11, 2018

Health Insurance Options for Small Business Owners

It seems like the largest worry that small business owners have is findng good employees. Health benefits are a large factor for workers when they are choosing employment opportunites. Small businesses may be at risk of losing their employees to competitors that offer group health plans or not attracting additional personnel. As a small employer, you may feel there are just too many barriers to offering an affordable employee health insurance plan yourself. Too few employees, high costs and poor […]
March 11, 2018

Did Your Employee Group Health Insurance Rates Skyrocket? You Have Options.

Our clients who renewed their employee group health insurance plans for December 1, 2018 saw an average of a 10-12% rate increase. We expect the same for 2019. With the drastic changes in health insurance over the past few years, no one knows when this upward trend will level off. Fortunately, Wharton & Power Insurance has access to unique options for employers of at least two employees to reduce their benefit costs sooner rather than later. 1) PEO Program Professional […]
December 11, 2017

Need A New Group Health Insurance Plan on 1/1/18? Start Now!

Business owners who have not offered their employees health insurance benefits in the past may have good reason to do so now. The individual health insurance market in Indiana is in shambles, making it difficult for everyone seeking coverage to find an affordable quality plan. Group health insurance plans are not just for large organizations anymore. If you are a business owner looking for coverage for yourself and your family, you may want to consider implementing a group plan for your […]
December 1, 2017

Managing Open Enrollment for Your 2018 Health Insurance Coverage

Whether you receive health benefits from your job, the marketplace or an association, you have probably been hearing a lot of urgent messages about open enrollment. It is this time of year where individuals and businesses alike have to make important decisions about their health insurance coverage. It is also the only opportunity to make changes to your plans without a qualifying event. Below we offer some items to consider as you make your way through open enrollment for your […]
November 2, 2017

My Employees and I Are Losing Individual Health Coverage. What Are My Options?

With the demise of the individual health insurance market in Indiana, many small business owners are losing their health insurance right along with their employees. If you were relying on the ACA Exchange to cover you and your employees, you are well aware that option is now questionable. With your employees scrambling, you risk losing your workers to competitors by not offering health benefits. Besides, you and your family need them too! BAGI Group Health Insurance Plan As a BAGI […]
October 26, 2017

Your Employees Want Health Insurance. There Are Ways to Give It to Them.

Are you like many other Indiana employers who are struggling with attracting and retaining employees? The corrosion of the individual healthcare market coupled with low unemployment means that one way to deal with this issue is to offer group health insurance. However, smaller businesses do not always feel they have the resources to compete on that level. Below, we offer two case studies on how we were able to offer our businesses clients affordable and high-quality options to help them […]
September 27, 2017

Don’t Lose Your Workforce Over Employee Health Insurance Benefits

The individual health insurance market has essentially collapsed in Indiana. With the largest insurers no longer participating in the exchange set up under the Affordable Care Act, people without access to a group plan through an employer find themselves in a difficult place. If you are a business owner who relied on grossing up wages to help your employees purchase their own quality health insurance plans, it is important to know what they no longer have that option. Your business […]
December 6, 2016

Renewal Dates Are Approaching: 2017 Individual Health Insurance Options

While the majority of the US population has health coverage through their employer, there are still many people who look to the private insurance market or the Affordable Care Act exchanges for their individual health insurance. Unfortunately, those people are facing premium rate increases of over 20%, with most of our clients falling into the 25-28% range. The affordability that was meant to follow the ACA is under question and predictions from the recent election tell of changes to come. […]
October 7, 2015

Using COBRA? Employer Health Insurance Renewal Time Affects Your Premiums Too!

If you are currently on a COBRA plan through your previous employer, group health insurance renewal season is an important time for you too. The choices the company makes in regard to their group benefits plan will affect how much you are paying for your coverage too! These renewal periods offer you the opportunity to shop for other insurance options. COBRA plans are not usually the best option for health insurance because they: Offer limited plan options based upon generalized […]
September 10, 2015

Assuming Your Small Business is Free From Affordable Care Act Requirements? Think Again!

Let’s say you own a business with over 50, but under 100 employees, and you offer an affordable group health insurance plan. You’re clear from any responsibilities under the Affordable Care Act, right? Think again. Starting January 1, 2016, you will be subject to the same reporting requirements employers of over 100 people are currently managing. What do the ACA reporting requirements mean for your business? With the adoption of the ACA came additional paperwork that is tied to payroll […]
August 19, 2015

Healthcare Deadlines Important to Your Business & Family Are Approaching

Healthcare-related deadlines important to your business and your family are approaching: Mid-September: Group health insurance renewal letters will be sent out to businesses in mid-September. We are expecting an average rate increase of 15% this year, so do not wait until then to prepare. The WIFS Team can help you strategize on the best course of action to manage your increased costs. We have options for you. October 15-December 7: Medicare open enrollment affords policy holders the opportunity to make […]
July 7, 2015

What the U.S. Supreme Court’s ACA Decision Means for Your Business

The highly anticipated U.S. Supreme Court decision on the Affordable Care Act created certainty around the law. The issue under question was one of financing, regarding the 36 states that have opted to forgo setting up their own state health insurance exchanges and using the federal exchanges. The ruling clarifies that the residents of those states are entitled to take advantage of the available premium tax credit if they qualify. The subsidy structure already in place was affirmed, therefore the […]
April 8, 2015

Non-Builder BAGI Members Have Group Health Insurance Options Too

Wharton Insurance & Financial Services works closely with the Builder’s Association of Greater Indianapolis to provide valuable services to their members. We facilitate the BAGI Group Health Insurance Program for builder members. WIFS also has options for non-builder members of BAGI who are not eligible to participate in the BAGI Group Health Program. WIFS can offer businesses that have 2-50 employees access to a private health insurance exchange called GRAVIE. A technology platform, GRAVIE serves business owners who wish to […]
February 18, 2015

Managing the New Affordable Care Act Employer Reporting Requirements

As of January 1st, 2015, businesses with 100+ full-time employees must be in compliance with the Affordable Care Act mandate to provide affordable employee health benefits or be subject to penalties. (Click here to read our blog post about what this change means for your business.) Along with the benefits mandate came a whole new layer of employer reporting requirements. The costs of non-compliance are now stiff, making it worthwhile to find a viable option to fulfill your obligations under […]
January 16, 2015

Health Insurance Status Reflected on 2014 Tax Forms

Your 2014 tax form is going to look at little different this year. The penalties for not having health care coverage set under the Patient Protection and Affordable Care Act (PPACA), or Obamacare, have kicked in. On line 61 of Form 1040 will ask you if you had health insurance coverage in 2014. If you did not, you may be subject to a penalty. 2014 Penalty structure: Individuals: $95 per person or 1% of household income, which ever is greater, […]
January 14, 2015

1/1/15: Big Penalties Kick in for Employers Ignoring The Affordable Care Act

After years of delays, the Affordable Care Act’s employer mandate to provide employee affordable health care coverage has kicked in. As of January 1, 2015, employers with 100+ full time* employees must be in compliance or they will be subject to penalties. For organizations with 50+ employees, these penalties will apply in 2016. So what do the mandates mean to you? If you have been postponing complying with the ACA, now is the time. The Kaiser Family Foundation has put […]
December 3, 2014

Health Savings Accounts: A Benefit Employees Love

Health Savings Accounts (HSAs) are a valuable part of an employee benefits package. To keep group medical plans costs under control, many employers are offering high deductible health plans. Combining those plans with an HSA offers employees a tax-benefical way to save for those high-deductibles, as well as other qualified medical expenses. HSAs are funded with pre-tax dollars by either an employee, an employer or a mixture of both. The employee has control over how the money is spent, and unused […]
October 22, 2014

Facing a Large Rate Increase on Your Employee Health Insurance Plan?

The WIFS Team has been preparing for the release of group health insurance policy renewals rates over the past year. Since the passage of the Affordable Care Act, we have gained a lot of experience guiding our clients through the changing employee benefits landscape. Our clients look to us for expertise in managing the challenges presented by large rate increases. It is during these times of upheaval that they are fortunate to have an experienced insurance broker on their side. […]
October 8, 2014

Avoid the Suck: Why Are YOU Spending Time on Employee Health Benefits?

Most likely you chose to be in your business because you are an expert at what you do. Your customers value that expertise, and spending your time building on that value is what allows your business to grow. So why spend your valuable time figuring out the ever-changing world of employee health benefits? Save time and money by bringing in experts like us to guide you and your employees through the entire process. Why use an employee benefits expert? Knowledge: […]
October 3, 2014

Do You Know Your Health Insurance Deadlines?

If you are a business owner, eligible for Medicare, medically uninsured, or want to change your individual coverage, there are some deadlines approaching that you need to know about: Business Owners: If you offer Group Health Insurance for 2-50 employees, most policy renewals are due December 1st. Eligible for Medicare: The Medicare Annual Enrollment period is October 15th through December 7th.  Changes applied for will be effective January 1, 2015. Medically Uninsured or Looking to Change Your Insurance Plan: The […]
September 10, 2014

BAGI’s Group Health Insurance Program Could Solve Your Double Digit Rate Increase Issue

Group health insurance policy renewal rates are being released by insurance companies right now. On average, Indiana employers are seeing a 14% increase this year – quite a jump from last year’s rate jump of 5-7%. As a business owner, you want to provide a good work environment that attracts and retains employees, but not at the cost of a healthy balance sheet. Fortunately as a member in good standing of BAGI, you have options available to help you manage […]