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December 14, 2020
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

December 7, 2020
business quotes

Words to Thrive By | Business Quotes from Wharton & Power Insurance

November 30, 2020
wharton & Power

Words to Thrive By | Business Quotes from Wharton & Power Insurance

November 20, 2020
Open_Enrollment

Managing Employee Open Enrollment During COVID

At Wharton & Power Insurance, open enrollment is usually a time when we meet with our clients’ employees as a group and one-on-one to review the group health plan. The remote nature of work these days is making that essential communication challenging. Our firm is recording the content so it can be delivered digitally by the employers. However, for employees who are new to the plan, have a new medical diagnosis or medication, or have claim questions, this one-size-fits-all communication does not serve their needs. And, it is up to the employer to ensure everyone views and understands the information, rather than having us available at that moment to clarify. It behooves employers to make sure open enrollment efforts achieve their goal – successfully onboarding employees to the group health insurance plan. For employees, it is imperative they understand their coverage. Below we offer some tips to help everyone begin 2021 on the right track. Offer an Easy Conduit Internally for Individual Questions Employees tend to look to their Human Resources representative for employment-related questions, including health coverage. During open enrollment, it might make sense to offer special “office hours” to ensure HR has the time to field an influx of inquiries. Also, if the same general questions are being asked, place the answers on a virtual community board. Anticipate the Unique Questions COVID Brings Beyond upending our normal communication and social options, the pandemic has offered a slew of new medical situations. Do employees know where they can get a COVID test? Do they know if their family members can get tested? Do they understand what COVID-related procedures are covered? Once a vaccine is available, will they know how to receive one? Creating a central spot for current and evolving pandemic-related information will go a long way in helping employees feel more comfortable during this challenging time. Work with a Broker Committed to Customer Service We have all had to flex during these strange times, and our firm has led the charge. Our employees and our partners are creating personalized content for each of our clients’ employee groups per their specifications. We are also offering one-on-one consultations with their employees. We understand that few benefits are as personally, emotionally and financially charged as health coverage. Our team is ready to guide each employee through their options regardless of this virtual world in which we now find ourselves. For most of us in the workforce, we are not accustomed to the lack of social interaction and personalized information. As an employer, you are investing in employee health insurance because you value your employees and they value the coverage! The Wharton & Power Team is committed to doing whatever it takes to ensure our clients have an impactful open enrollment season. Let us know if we can help you too. Send me an email or give me a call at 317.663.4138.
November 16, 2020
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

November 9, 2020
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

November 2, 2020
wharton power

Words to Thrive By | Business Quotes from Wharton & Power Insurance

October 29, 2020
employee health insurance

Small Businesses Have A New Affordable Option for Employee Health Insurance

A ruling by the US Departments of Health & Human Services and the Treasury in mid-2019 changed the game for small businesses looking to compete with large organizations when hiring high-quality employees. The ICHRA program allows employers to contribute pre-tax dollars for employee health insurance which employees can use to purchase a plan. This affordable avenue toward offering sought-after benefits gives small businesses a real chance at attracting and retaining a talented workforce. How We Helped a Local Business Offer Employee Health Insurance We recently worked with a full-service salon located in Downtown Indianapolis. Pre-pandemic they had a large client base, even working with the Colts Cheerleaders. When COVID hit and the Downtown offices shut down, the salon had to shift. The owners decided to purchase a spa located on the northwest side of Indy. They were able to secure PPP loans for the few employees that stayed on, however once the economy began opening up again, the salon was having a difficult time attracting employees back. COVID has brought employee health insurance plans front and center in the minds of workers, and many will not lend their talents to a place that does not offer one. For some people, going back to work in itself is a risk, going back without health insurance is more of a risk, and working for an industry that is struggling is an even greater risk. The salon owners knew they had to provide some form of access to health insurance to ensure the longevity of their business. A traditional group plan was not viable for the salon, so we suggested the ICHRA program. It allows more coverage flexibility for employees, fewer restrictions for employers, wider availability to varying employee classifications, and no limits on contribution or participation levels. Unlike traditional health insurance plans, ICHRA allowed our client to offer pre-tax funds toward employee health insurance for those who wanted it without having to worry about the percentage of participation. And, they were able to set a budget that worked for them and their employees, rather than have the amount mandated. It was a win/win for both the employer and the employees. Click here to read more about the benefits of the ICHRA program. When the ICHRA program was first introduced last year, our Team thought it would create even more complexity in the employee benefits world. However, as we studied the details, we found that it is a viable option for many of our clients. The ruling pushed the insurance brokerage industry out of its comfort zone – and we are one of the few organizations who have taken the challenge head on. ICHRA is now a solid part of our bevy of employee health insurance solutions for our clients. If you are facing challenges in offering health coverage to your valued employees, reach out to me. The Wharton & Power Insurance Team will review your options and find a fit that works for you and your workforce. Send me an email or […]
October 26, 2020
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

October 19, 2020
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

October 12, 2020
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

October 5, 2020
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

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