Small Employers Have Options for Employee Health Benefits
If you employ under 20 people, you may have found that offering employee health benefits to be cumbersome both in implementation and in cost. This does not have to be the case. The Wharton & Power Insurance Team has been helping local small employers offer high-quality health benefits for over 30 years. The health insurance industry has been all over the place since the passage of the Affordable Care Act. We have been here through it all, advising our clients on the latest program iterations. After all that turmoil, some helpful programs for small businesses have emerged.
ICHRA
In mid-June 2019, the US Departments of Health & Human Services and the Treasury issued a rule allowing employers to contribute pre-tax dollars for employee health care coverage through a new health reimbursement arrangement named ICHRA. We have helped many local businesses take advantage of this new program, which offers small employers multiple benefits:
• Flexibility in Coverage
• Fewer Requirements
• Wider Employee Definitions
• No Set Contribution and Participation Levels
With the ICHRA program, we help you set a budget and set up the program. Then our team works directly with your employees to choose a health insurance plan that works for them. 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.
PEO
Professional Employer Organizations, or PEOs, are a great option for businesses looking for employee health benefits, as well as payroll and human resources services. W&P works with local PEO provider, Worksmart Systems, who has been serving the Indiana business community for over 22 years.
PEOs use a co-employment model that allows small to mid-size businesses to tap into employee benefit packages typically offered by large organizations. Their payroll and HR services go hand-in-hand with their health insurance program and have surfaced as immensely important during the COVID pandemic. Worksmart helped many of their co-employers completely shift their business model in a matter of days, as well as with the PPP application process. While we appear to be emerging from this difficult time, having a partner in managing your employees can lessen a burden often shouldered solely by the small business owner.
Group Health Insurance Programs
Employee health benefits from large providers are still a viable option for some organizations. If we find the right policy for your business, the W&P Team manages the entire process. Employee group informational sessions, individual employee meetings, open enrollment reminders and management, as well as continued employer support are all part of our services.
Why work with Wharton & Power Insurance to offer employee health benefits? [H2]
We know the options and we help you find the right one for your employees and your bottom line. We support what we offer, so you are not left to manage the programs on your own. Finally, we have been serving the Greater Indianapolis community for over 30 years, and we are here to stay. We will be your partner in attracting and retaining high-quality employees for years to come.
If you are considering offering employee health benefits or are interested in finding a better alternative to your current plan, reach out to us. Send us an email or give us a call at 317-663-4138.
