Read This Before You Renew Your Employee Health Insurance
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 just accepting the new rate, it may make sense to consider other plan options.
Our Top Employee Health Insurance Options for Small Business
ICHRA
Created in 2019, the ICHRA program has been a great option for many of our small business clients. Like previous HRAs, employees can use employer funds to purchase health coverage from the public exchange or other insurance plans. However, the 2019 ruling lifted many restrictions on how companies could use HRAs or even qualify for group health plans, such as employee participation rates and affordability. Benefits of the ICHRA program include more flexibility for employees in finding health insurance plans that suit their needs, fewer employer restrictions allowing small businesses to offer benefits to more employees, and no set contribution levels freeing up employers to set a reasonable budget. Click here to read about why BAGI member Gettum Associates, Inc chose the ICHRA program for their employee health insurance.
BAGI Group Health Plan
As a BAGI member in good standing, you have access to the organization’s group health insurance program. Fully insured and offering high-quality coverage including 12 plan choices and rate price protection, there is most likely an option that would work for your business. Wharton & Power Insurance is the administrator of BAGI’s program, so reach out to us to learn more. Click here to read about why BAGI member Mirror & Glass Concepts chose the BAGI plan for their employee health insurance.
PEO
A PEO, or Professional Employer Organization, offers a co-employment model for its members, allowing employers to pool their employees with other organizations. That power of numbers allows Wharton & Powers Insurance’s partner, Indianapolis-based PEO Worksmart Systems, to provide high-quality health plans, human resources administration, payroll and other services at a reasonable cost to its co-employers. Placing all your HR functionalities under one roof reduces frustration, staff time and overall costs. Click here to read about why BAGI member Carrington Homes chose the PEO option for their employee health insurance.
As a BAGI member for over 17 years, we have helped many of our colleagues find employee health insurance options that worked for their employees and their bottom line. Before you commit to your policy rate increase, reach out to us to weigh your options. Send us an email or give us a call 317.663.4138.
