Wharton Power Insurance

07/09/2024

Offering employee health benefits through the ICHRA program can be a game changer for your organization, providing flexibility and potential cost savings.

But how do you go about implementing an ICHRA? We created a step-by-step guide to help you through the process:

📌 Step One: Design Your ICHRA

Define reimbursement amounts, establish the eligibility criteria, and outline eligible expenses and plan categories.

📌 Step Two: Set Employee Classes

ICHRA regulations permit different reimbursement amounts for different classes of employees. Common classes include full-time, part-time, seasonal, or salaried employees.

📌 Step Three: Legal Compliance

Ensuring compliance with relevant regulations is paramount and the W&P Team is here to help.

📌 Step Four: Administration and Maintenance

You'll need a system for seamless reimbursements, maintaining precise records to aid in regulatory compliance and financial audits. You can keep things in-house or work with our ICHRA administrative partner.

📌 Step Five: Employee Education and Support

You've set up the program, now you need to onboard employees. Fortunately, the W&P Team has decades of experience helping our clients educate and support their employees throughout the benefits process!

Interested in learning more? You can find the full guide on our blog: https://www.whartonpowerinsurance.com/a-comprehensive-guide-to-setting-up-an-ichra/

05/29/2024

For small business owners, the state of US employment is not a happy subject. A historically low employment rate means increased competition for quality team members. Whether or not your company offers benefits can make or break your ability to attract and hire new people – especially employee health insurance options. Over the past few years, businesses have increased their benefit offerings to meet employee demand. If you are not doing the same, it may mean you may not be able to sustain or grow your business.

Learn more on our blog about which benefits employees expect these days and ways you could offer them.

Wharton & Power Insurance, an independent insurance broker in Carmel, discusses Employee Health Insurance Options tnat employees want.

04/01/2024

The Wharton & Power Insurance Team helps businesses like yours offer the health benefits employees are looking for at a price that fits into your budget. One option that has been especially impactful for our clients is an Individual Coverage Health Reimbursement Arrangement (ICHRA).

What is an ICHRA? Find out below!

Wharton & Power Insurance offers an Employee Health Benefits 101 overview, answering the question - what is an ICHRA?

03/14/2024

In today’s fast-paced and demanding environment, mental health in the workplace has emerged as a critical issue affecting employees across all industries. Home improvement businesses have unique challenges when it comes to supporting their teams, including high su***de rates and substance abuse.

On our blog, learn some steps you can take to promote mental well-being in the workplace:

Wharton & Power Insurance discusses how to nurture mental health in the workplace in the home improvement industry.

12/22/2023

10/12/2023

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.

On our blog, we outline our steps that seamlessly lead you and your employees through the enrollment process.

Wharton & Power Insurance discusses discusses their process for small businesses starting employee health insurance by 1/1/24.

09/14/2023

If you want to renew or start employee health coverage by January 1, now is the time to reach out to your broker. There is a lot that goes into the process – reviewing your renewal, collecting business and employee data, sending it to the underwriter for approval, and then implementing employee onboarding.

While the idea can be daunting, you are not alone! The Wharton & Power Insurance Team has a proven process for timely approvals and personalized employee support to make the undertaking as painless as possible and ensure your coverage is ready by 1/1.

Read more about our employee health coverage process on our blog:

Wharton & Power Insurance discusses how its time for BAGI members to address the employee health coverage process for 1/1/24.

07/12/2023

Quiet quitting, remote work, flexible schedules and inclusive environments are just a few examples of the recent vocabulary of employment these days. These new words reflect shifting employee expectations which small and large businesses alike must contend with. The home improvement industry faces some challenges in adopting the way people want to spend their working hours. The fact is, to have something built, repaired, designed, etc., someone has to show up to do it.

How can businesses like yours balance these hands-on customer needs with employee satisfaction? On our blog, we curated some ideas from the experts to help answer that question:

Wharton & Power Insurance, an independent insurance broker, discusses shifting employee expectations in the home improvement industry.

06/26/2023

If you have been shopping for employee health benefits, you may have been hearing about Employee Assistance Programs (EAPs) and the value they can bring to your employees. But at the end of the day, business decisions must have value for the business too! Turns out there are many bottom-line benefits to offering an EMP to your team.

How does offering an Employee Assistance Program benefit your business? Read our latest blog to find out.

Wharton & Power Insurance, an independent insurance broker, discusses the value of offering employee assistance programs

06/14/2023

Some of our most recent blogs have noted the importance of positive company culture in attracting and retaining employees. While you might initially think of ping pong tables and happy hours, it is actually structured employee benefits that play the largest role in sustaining a supportive work environment. Which ones are most important to employees? Check out our latest blog to find out:

Wharton & Power Insurance, an independent insurance broker, discusses employee benefits that support a positive culture

05/31/2023

According to the Wall Street Journal, the current construction boom plays a large part in creating the lowest unemployment rates we have seen in the last 50 years. With both commercial and residential construction spending continuing to rise, it’s no wonder that the competition for employees is fierce. As a local business, it may seem impossible to attract and retain a workforce when you are up against larger or national competitors. On our blog, we offer some tips on how small employers can compete with large employers for workers.

https://www.whartonpowerinsurance.com/how-small-employers-can-compete-with-large-employers-for-workers/

05/26/2023

The workplace is a stressful environment for many employees. With deadlines, repetitive tasks, and pressure from managers, it’s common for the mind and body to feel overwhelmed. Given the prevalence of chronic stress and its impact on today’s workforce, offering an employee a health and wellness plan is one of the most important things you can do for the well-being of your employees and your business.

On our blog, our Wellness Associate and owner of Prescriptive Health Solutions, Dawn Lang, offers a case study demonstrating the benefits a local business has enjoyed by implementing an employee wellness program.

Our Wellness Associate, Dawn Lang, offers a case study demonstrating how a wellness program benefits both our business and your employees.