Offering employee health insurance within a small business is not an easy decision. There are costs involved and not just monetary, but also staff (and your) time. Entrepreneurs often find themselves working in their business rather than on their business, making implementing employee benefits even more taxing. For over 15 years, the Wharton & Power Insurance Team has supported the BAGI community in taking the leap to providing group health insurance. Below we outline our steps that seamlessly lead you and your employees through the enrollment process.
Securing Employee Health Insurance Process
Step 1:
Our initial conversation begins with understanding your goals for your employees, including plan priorities, company culture and employee make up and needs. Are you looking for high or low deductibles? Prefer a co-insurance model? What limits on out-of-pocket costs make sense? Do you want to include prescription drug coverage? Will you extend the plan to spouses and families? We will lead you throught a series of questions to uncover the unique circumstances of your business to help refine your options.
Step 2:
The next phase uncovers which plans will achieve your goals. We help you complete an employee census and, if necessary for coverage, get answers to medical questions for employees and dependents. We then take all this information to our underwriters to create a set of options. As an independent insurance broker, we are not beholden to one provider. We represent a wide variety of carriers, allowing us to truly customize a plan that suits your situation.
Once we have our findings, we review them with you. Our team creates a spreadsheet with clear comparisons of the available options to help you make an informed decision. We guide you through the implications of the plan choices, weighing the costs to you and your employees. Our goal is to ensure you have all the information you need to make an informed decision for your business and your team.
Step 3:
Once a plan has been selected, the Wharton & Power Team implements the on-boarding process, becoming an integral part of your HR team. We ensure all the necessary paperwork is filed with the carrier and set up company-wide employee meetings to explain the plan and answer questions. We also hold one-on-one employee meetings to help individuals work through their situations, as well as help with system on-boarding. The result of the Wharton & Power Team process is you and your employees are set for coverage the day the plan begins.
Offering employee health insurance does not have to be painful. Let the Wharton & Power Team help you find and implement the best option for you and your employees. Send us an email or give us a call 317.663.4138.
