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 out there for employers with 2+ employees working 30+ hours a week – including you.
1) The BAGI Group Health 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 plans, all the way up to options with the maximum allowed federal deductible limits. Joining the pool of BAGI member employees helps dilute your employees’ health risks by spreading them out over all the insured individuals, thereby reducing costs. Wharton & Power Insurance is the administrator of the BAGI plan, so reach out to us if you would like 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. ICHRA can be an affordable way to supplement employee costs as well as fund your own health insurance.
3) PEO
Professional Employer Organizations, or PEOs, also use the power of pooling to help spread risk and keep costs down. However, they also provide 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 lives with their group health plan. As insurance premium renewals have seen double-digit increases over the past decade, Worksmart has consistently offered lower rates, thereby saving employers money over the long run.
4) Affordable Care Act Exchange
When we are helping our clients weigh their employee health benefit options, the ACA exchange is always in the mix. For some, this program may be the best option, though often we find the premiums are high and renewal rates even higher.
With lots of options, comes lots of decisions. We can help you uncover the best course of action for your situation, weighing the costs and benefits to ultimately find a plan that works for you, your family and your employees. Remember – small business owners need health insurance too. If you are tired of putting yourself last on that priority list, reach out to us. Send an email or call 317.663.4138.
