Blog
March 15, 2023
Although the past three years have not been easy, a looming recession, a home-buying slowdown, and historically low employment rates make owning a small business in the home improvement industry even more challenging in 2023. When uncertainty is the theme of the times, small business owners like you often rely upon the ingenuity and grit that drove you to become an entrepreneur in the first place to get you through. However, a business cannot run, let alone grow, without a […]
November 8, 2022
With the arrival of November comes fall colors, cooler weather, rewinding clocks – and open enrollment! Since health benefits are important to employees, this time of year can be stressful for you and your team. Getting everyone on the same page with cost and coverage changes that are inherent to a new policy year, and then signed up for the right option, is not easy. Below we offer some tips to help you ensure a smooth open enrollment season. Start […]
October 26, 2022
It’s renewal season, a time when employers must make some hard decisions about their employee health plans. It could also be that now is the time to begin offering benefits. Below we offer three things to consider as you move through the planning process. Employee Health Plan Costs The cost of an employee health plan is not as straightforward as you might think, as there are many ways to approach it. There is the traditional group health path, where you […]
October 12, 2022
If you want to renew or start an employee health insurance plan by January 1, now is the time to reach out to your broker. There is a lot that goes into the process – reviewing your renewal, collecting business and employee data, sending it to the underwriter for approval, and then implementing employee onboarding. While the idea can be daunting, you are not alone! The Wharton & Power Insurance Team has a proven process for timely approvals and personalized […]
September 21, 2022
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 […]
September 5, 2022
Owning your own business comes with a lot of perks – and headaches. While it is gratifying to call your own shots, strategize growth and provide a living for your employees, often owners put themselves at the bottom of the priority list. The fact is that small business owners need health insurance too! And their families. You may feel that finding a group health plan for just a few people is impossible or cost prohibitive. However, there are many options […]
August 18, 2022
Summer vacations are complete, and the kids are back in school – all signs that group health plan renewal letters will soon arrive in your mailbox! According to the Society for Human Resource Management, the expected average rate increase for 2023 employee health insurance will be 5.6%. Even though the rising price tag is under the current 8.5% inflation rate, the home improvement industry has already been hit with higher business costs since the beginning of the pandemic. Rather than […]
August 10, 2022
BAGI Member, John Grecco, Co-Owner (along with his wife Debi) of Mirror & Glass Concepts in Carmel, Indiana, recently spoke to us about their experience replacing their previous group health plan to the BAGI option: “We had insurance for our employees but were looking for a change due to a couple of factors. When we purchased the business three years ago, only some employees had health coverage. We wanted to offer the option to everyone and worked with a local […]
July 12, 2022
Talk to ten economists and you will get ten opinions about what the economy will do in the next 12-18 months. However, there seems to be some consensus around the idea that a recession is coming, but not the degree. As a small business owner, we know you care more about what’s happening on the ground rather than the halls of policy. The housing market may be set for a bit of a downturn, but the fact remains that there […]
June 28, 2022
Even though the latest job reports show that the US added jobs in May, the unemployment rate is still just above its lowest point since 1969. The competition for quality employees is fierce, so how can a small or medium-sized business compete with larger organizations? Indeed.com recently offered some tips for hiring in the home improvement industry that could help you hire your next team member: Make Your Job Descriptions Clear It may be time to revisit the tools are […]
May 17, 2022
With the current low employment rate, it is no surprise that the home improvement industry is struggling to attract and retain employees. Often the talented people employers want to hire are looking for a more flexible work environment that includes benefits. Fortunately, there is a way for businesses with an under 50-person workforce to provide health insurance to part-time employees. Three years ago, the US Departments of Health & Human Services and the Treasury issued a rule allowing employers to […]
November 6, 2021
As a small employer, you may feel there are just too many barriers to offering an affordable employee health insurance plan yourself. Too few employees, high costs and poor risk ratings are the top three worries. Fortunately, there are affordable options out there for businesses like yours. Too Few Employees to Qualify The ICHRA program makes offering health benefits to a small group of employees, including yourself, much easier than before. Launched in 2019, ICHRA allows a wider definition of […]