With August’s arrival comes back to school, Indiana State Fair visits, and final weekends at the lake. And, if you are thinking of offering employee health insurance, it’s also time to start considering your options. For larger organizations, January 1 is a typical start date for group health insurance. However, small businesses can be more flexible with their timeframes, though it still takes a while to wade through the decisions underlying the process. To help begin your journey, we outline below some of the employee health benefits opportunities available to you as a member of BAGI.
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.
Offering Employee Health Insurance: The BAGI 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 18 years, we have helped many of our colleagues find employee health insurance options that worked for their employees and their bottom line. If you are considering offering employee health insurance, reach out to us to weigh your options. Send us an email or give us a call at 317.663.4138.
