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 are expected to have more robust employee health insurance these days. If you do not have high-quality benefits, you may have been having trouble attracting and retaining employees.
Fortunately, there is another employee health insurance option available to mid-sized businesses. Professional Employer Organizations (PEOs) are organizations that harness the power of pooling, joining their employees with those of the other PEO members. As a part of this larger group, you can offer your workforce the health benefits of a Fortune 500 firm at a reasonable cost. Wharton & Power Insurance has been partnering with Indianapolis-based WorkSmart Systems for over 20 years to help businesses just like yours give their employees the benefits they are looking for.
While there are new federal programs that make grossing up employees wages easier for the employee and employer, the individual marketplace still may not provide the quality coverage your workforce expects. WorkSmart serves as the co-employer for over 9,500 Indiana employees, and medically underwrites their health insurance plan offering multiple benefit options. Their self-funded, trust-based model has allowed them to craft a balanced health benefits program both you and your employees will value.