Your business and life are interlinked, and the foundation of life is significantly built on health. For business owners, healthcare planning is highly crucial as it concerns both the employees and the growth of the business. In addition, the automotive industry involves tons of technical work and must consider developing healthcare plans that will keep the business on an upward trajectory.
However, these plans come with a cost to the auto body family business. To weigh whether these strategies add more value or might be just another expense, Matt DiFrancesco invited Kimberly Volk on the Your Business, Your Life podcast. They discuss what is available at The Health Insurance Place and how plans can be made to fit the needs of businesses.
If you are a business owner who grinds at the auto repair shop every day to turn the family business into a multi-generational legacy, schedule a free 20-minute conversation with Matt DiFrancesco. The growth of a business is not solely dependent upon hard work and consistency.
About Kimberly Volk
Kimberly Volk works as a client management and benefits consultant with The Health Insurance Place in Johnstown, Pennsylvania. Her company offers health insurance for individuals and families, Medicare recipients, and business owners. As a business consultant, Kimberly enables her to help small to midsize businesses find the right plan for their marketplace.
The company differentiates itself and stands out in the health insurance marketplace by owning a unique software that constantly gives it a competitive edge. In addition, since High Lift Financial aims to act as a financial technician, this business is one of its many partners.
Here is why you need an external team of 15 key people that can help you with different areas of your life and business.
Why Do You Need a Broker?
The Health Insurance Marketplace for small to mid-sized businesses is overwhelming. If you are an employer who has never offered employee health benefits, you will be inundated with information due to multiple options. Those options become overwhelming if you don’t have a broker in your corner and work on your behalf.
People also need to consider the regulatory red tape that comes into play when you’re looking at different compliance factors in the marketplace. And again, having that broker in your corner is something you want because they are a resource for you and your employees.
Individual Coverage Health Reimbursement Arrangements (ICHRAs)
Employers can look at fully insured, self-insured, level-funding, and self-funding plans. Other practices include “individual coverage health reimbursement arrangements” (ICHRAs). Instead of the employer buying the insurance, ICHRA involves giving a stipend to the individual to purchase it on their own.
The employee has to decide for themselves. They will have to answer questions such as, do they take the available coverage through the marketplace and take the subsidy that the government is allowing them? Or do they take their employer’s ICHRA, the amount they are funding?
They have to do research and figure out the best option for them. And again, that’s where a broker would come into play to assist that employer with setting up that ICHRA and helping those employees find the right option for them.
The Importance of Compliance
Most businesses do not deal with compliance in the same way others do. However, there are risk compliances that everyone must be careful about. The Health Insurance Marketplace has a dedicated vendor that assists clients in setting up the documents that they need to be considered compliant.
The Software
Through the official website of the Health Insurance Marketplace, business owners can get a quote for employee benefits. You will have to enter the number of employees and the average age. The software will allow you to look at what the options are based on the zip code of your business.
For instance, let’s take an example of a business that has never offered health care coverage before. If the owner wants to go for fully-insured health care, then they will get multiple options that they can choose from. They will see different metal tears, Platinum being the most generous to the employee and the highest cost to the employer.
How to get in touch with Kimberly?
You can contact her via her office number 814-266-8383. In addition, you can specifically request her assistance if you are looking for coverage as a group. You can also visit their website for more information.
Schedule a Conversation with Matt
Are you looking for industry-relevant financial assistance? It’s always beneficial to have an expert who can show you how the nuts and bolts fit your business. So, schedule a free conversation with Matt DiFrancesco from HighLift Financial today.
In addition, you can read why renewal time is crucial for business owners. Finally, while going through the blog, check out the top qualities of successful automotive business owners.
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the views and statements of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.