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 not be able to sustain or grow your business.
According to PeopleKeep, a personalized benefits administration software company, the top desired benefits include:
1) Remote Work
2) Health Benefits
3) Paid Time Off
4) Flexible Hours
5) Paid Family Leave
6) Four-day Work Week
7) Free Food in the Office
8) Student Loan Assistance
9) Fitness Perks
One look at that list and you may want to throw up your hands is despair! However, the Wharton & Power Insurance Team can help, especially with the health benefits. We specialize in helping Greater Indianapolis businesses find group health plans that meet their staff’s needs as well as their bottom line.
1) BAGI Plan – As a BAGI member in good standing, you have access to the BAGI group health program. Choose from 12 different plans, from benefit-rich and low-out-of-pocket options, all the way up to those with the maximum allowed federal deductible limits. W&P is the administrator of the BAGI plan, so reach out to us for more information.
2) ICHRA – This program allows employers to use business funds to supplement employee health benefits without the restrictions initially placed on former HRA plans. You can set a budget for your organization, and then you and your employees can use that money to purchase a health plan from the ACA Exchange. With the newly restructured program, employee eligibility and participation rates are no longer a barrier to offering this type of health benefit. You can read more about how BAGI Member Jason Gettum found the ICHRA program worked best for his business.
3) PEO – If you are interested in offering more than just health insurance to your employees, joining a Professional Employer Organization, or PEO, is a great option. In addition to providing group health insurance, PEOs offer many other services that small businesses are already paying for separately, like payroll, 401k programs and HR consultants. Wharton & Power Insurance partners with Worksmart Systems, an Indiana-based PEO that covers over 11,000 Hoosiers working for Indiana small businesses.
Employees are looking to their employers for a long list of benefits to keep them healthy and happy in their jobs. Wharton & Power Insurance can help you compete for the best team members, a major step in ensuring the viability of your business. To make an appointment, send Scott Wharton an email or give us a call at 317.663.4138.