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 Employer Organizations offer employers an efficient way to manage all of their human resource efforts. By entering into a co-employment contract with the PEO, all HR services are taken care of while the employer retains overall management of their employees’ work. The PEO’s group health insurance plans allow access to large-group programs and pricing, shielding employers from the volatility of the group health insurance market. As the Indiana Broker of Record for local PEO, Worksmart, the W&P Team is in the unique position to present this option. 2) BAGI Group Health Insurance Program Builder members of the Builder’s Association of Greater Indianapolis have access to the organizations’ employee group health program. By pooling the buying power of their members, BAGI’s program allows for a more even spread of risk, less rate volatility, and a viable answer to the double-digit rate increases we are seeing this year. With 12 different plans, from benefit-rich and low out-of-pocket plans, all the way up to plans with the maximum allowed federal out-of-pocket limits, there is an option for everyone. Wharton & Power Insurance is the sole administrator of the program, offering local, personalized service to all BAGI members. There may be no need to just accept the huge increases for your employee group health insurance rates, or to wait until the next renewal cycle. Send us an email, or give us a call at 317.663.4138 to learn more about your options to lower your costs now.
December 25, 2017
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Merry Christmas from Wharton Insurance

December 1, 2017
open enrollment

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 2018 health insurance coverage. Individuals: With the Affordable Care Act in disarray, Indiana residents who were relying on the heath insurance marketplace for coverage are having to look for other options. Many have received notification from their 2017 insurer of a discontinuation of coverage. There is still one option for individual policies in Indiana’s health insurance exchange though AmBetter. We suggest you begin your search by assessing your current plan and looking for a new policy that will offer you the same or better coverage. Be prepared to provide employment, gender, home county and smoker status information to obtain a quote. Also be careful to note deadlines to sign up and when coverage will begin. Employees: Your employer received rate increases and plan changes in early fall and may have faced some hard decisions about the bottom line impact of offering health benefits. Open enrollment is the time where employees may have to make some decisions as well. It is important to read through information provided and to take advantage of any information sessions or assistance by the insurer. At Wharton Insurance and Financial Services (WIFS), we hold open enrollment meetings for all of our clients’ employees to ensure everyone understands the plans and what changes can be made. It may be that you will have to assess which offered plan works for you and your family in 2018, or you may have new circumstances that need to be addressed. Even if you have no personal changes, we suggest you review your company plans carefully so you will know what to expect for the coming year. Association Members: Many associations offer access to health insurance coverage as a benefit to membership. Similar to companies, these organizations have an open enrollment period to allow participants to assess their plan choices and costs, as well as account for life changes. This time of year is also when new members may enroll, so if you are looking for health coverage, it may be worthwhile to investigate membership in an applicable local association. For example, WIFS manages the health insurance plan for the Builder’s Association of Indianapolis, an organization focused on the local home improvement sector. It may be that your work or other affiliations could help provide you with quality health insurance coverage. Wharton Insurance and Financial Services has helped individuals, businesses and associations work their way throughout the rapidly changing world that is health insurance. If you have questions or are looking for coverage for yourself or your employees, send us an […]
November 6, 2017
business quotes

Words to Thrive By | Business Quotes

Business Quotes from Wharton Insurance
September 4, 2017
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Happy Labor Day!

Happy Labor Day!
May 28, 2017
Memorial Day 2017

Happy Memorial Day!

Have a safe and happy Memorial Day, from Wharton Insurance.
January 9, 2017
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Words to Thrive By | Business Quotes from Wharton Insurance

Words to Thrive By | Business Quotes from Wharton Insurance
May 30, 2016
memorial day

Remembering Our Heroes on Memorial Day

Remembering Our Heroes on Memorial Day
September 24, 2015
employee benefit compliance

An Easier Way to Manage the New Employee Health Benefits Requirements

What it means to have employees has become increasingly complex since the PPACA was enacted. As portions of the law have slowly come into effect, employers can be left unaware of the regulations that now apply to them. To help our clients manage the new employee health benefits requirements, The Wharton Insurance & Financial Services Team has partnered with BenefitNext, a company dedicated to making ACA compliance easier. “BenefitNext offers powerful tools that allow us to help our clients make informed decisions about employee health benefits,” said Scott Wharton, WIFS President & Founder. “We are able to guide them through the implications of their options with hard numbers, evaluating the costs of offering a plan, moving their employees to the community-rated marketplace, calculating subsidies, proposing cost sharing reductions, and uncovering penalties.” These tools have become even more necessary as the cost of ACA non-compliance has risen. Click here to read more about how the ACA penalties are assessed. Through BenefitNext, the WIFS Team can easily determine an employer’s compliance with 27 federal rules and regulations, uncovering any exposures. Our partnership with BenefitNext also allows us to: Create a real-time picture of our client’s employee base, providing an accurate assessment of the costs and tax implications of employee health coverage – for both the employer and the employee. Assist employees in choosing an appropriate ACA marketplace plan if an employer-based group health plan is no longer available. Evaluate subsidy and cost-sharing eligibility as well as Medicare eligibility, discover available insurance plans, determine affordability of an employer-based plan, and estimate employer and individual penalties if no plan is selected. Provide accurate and cost-effective HR compliance services, including filing for Welfare Plans, Summary Plan Descriptions, and Non-Discrimination Testing. Now is the time to be evaluating your employee health benefits for 2016, and the WIFS Team can help. Send us an email or give us a call to make an appointment.
September 7, 2015

Happy Labor Day!

Happy Labor Day!
August 6, 2015
employee health insurance

BAGI Members: Prepare Now for Employee Health Insurance Renewals

In Indiana, August is known for back to school. However, for small business owners, it is the time of year they prepare for upcoming employee health insurance renewals. Letters from insurance companies will soon be arriving, breaking the news about higher premiums. The insurance industry is predicting 15% rate increases for the 2016 coverage year. Fortunately, as a BAGI builder member, you do not have to swallow those skyrocketing premiums. The BAGI Group Health Insurance Program Can Save You Money on Your Employee Benefits Expenses Benefits of the BAGI Program: Take advantage of a combined insured employee pool, diluting the effects health risks have on your policy rates Tap into group buying power to avoid large rate increases Opt-out of the ACA’s community-based rating pool, providing great benefit to companies with healthy employees Choose from 12 different plans, from benefit-rich and low-out of pocket plans, all the way up to plans with the maximum      allowed federal out-of-pocket limits Qualify for exemption from the ACA, potentially saving you 8-15% on your premiums To qualify for the BAGI group health insurance program you must be a BAGI member in good standing and have a business on the approved SIC code list. For more information on qualifications and how the program can benefit your business, send us an email, or give us a call at 317.663.4138.
March 25, 2015

Insurance: Sometimes It Makes Sense to Have All Your Eggs in One Basket

You have insurance to protect yourself, your loved ones, your business and your assets. When you work with an independent broker like Wharton Insurance & Financial Services, it makes sense to have all of your policies under one roof. We do not work for just one insurance provider, so we have the flexibility to find the mixture of policies that work best for you. We get to know you and your insurance needs – all of them. And we make sure you have comprehensive coverage, protecting all areas of your life. Home/Auto/Life – At Wharton Insurance, we offer the mainstays of personal insurance coverage. However, we also write policies for specialized items such as jewelry, fine art, and collectibles, as well as umbrella insurance. Placing all of your policies within one agency provides more than a cost savings – it reduces the likelihood of coverage gaps. Medicare/Medicare Advantage – Just like Indiana weather, the Medicare landscape is always changing. After going through the frustration of finding the appropriate coverage, many people just keep their current policy at renewal time. With Medicare programs altering their offerings every year, keeping what you have may not give you the coverage you need. The WIFS Team offers guidance through the Medicare system, making sure you always have the best program for your situation. Individual Health Insurance – As of January 1, 2014, all individuals must have health insurance or pay a penalty tax. If you do not have access to an employer plan, the WIFS Team can help you find a policy on the Federal Exchange, calculating your subsidy, and weighing the costs and benefits of each program. Business Insurance – Are you a business owner? Why not trust the people who handle your personal insurance to secure all of your interests? The WIFS Team can help you protect what you have built, giving you the peace of mind to continue moving toward your goals. From workers’ comp and commercial liability, to umbrella insurance and employee practice liability, we can help you prepare for the possibilities. Partnering with an independent insurance broker means you have someone working in your best interests, in every aspect of your life. Moving all of your insurance needs under one roof can save you time, money, confusion and frustration. Wharton Insurance & Financial Services can help you organize all of your policies, ensuring that your bases are covered and eliminating unpleasant surprises. Interested in more information? Send us an email, or give us a call at 317.663.4138.  
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