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 benefits package, starting with employee health insurance.
If you have done any research on the costs of typical group health plans, you may have been quickly turned off by their cost and complexity. Fortunately, the group health options for small employers expanded in 2019 with the passage of a rule allowing employers to contribute pre-tax dollars for employee health care coverage through a new reimbursement arrangement named ICHRA. Under this program, you can set a budget that serves your bottom line while giving your employees the flexibility to choose a plan that suits their needs.
The Wharton & Power Team works with you to set a budget and complete the paperwork. Then, we help your employees choose an appropriate plan based on their situation, including your contribution, their personal budget, and the coverage they need. W&P explores the options offered through the public exchange and private insurers. We also test for federal subsidy opportunities which can further reduce your employee’s cost of coverage. Rather than a company-wide group meeting about coverage options, the employee experience is more personal and has the potential to provide more beneficial coverage. With W&P, there is no cost for this service.
Many small employers feel they cannot compete with larger, resource-rich companies. Programs like ICHRA help level the playing field, giving them a chance to grow into (or even surpass) the competitive field.
To discover the available employee health insurance options, send me an email or give me a call at 317-663-4138.