With rising health care costs and onerous governmental diktats placing plan sponsors at risk of punishing government mandates and sanctions, more employers want out of the health insurance business. ICHRA may be their best solution.
What is ICHRA and what are the steps needed to start one?
ICHRA is the government’s name for a new way to offer group health coverage. It lets employers provide pre-tax funds that employees can use to purchase individual health insurance.
ICHRA allows plan sponsors to opt out of annual premium hikes, avoid high broker fees, and future-proof their health insurance costs with predictable contributions they set.
Employees have a wide choice of plans and can select the coverage that best fits their individual needs. All pre-existing conditions are covered immediately. In Texas the individual ACA compliant health insurance pool covers more than 3.2 million Texans.
(BE AWARE: MOST LEGACY INSURANCE BROKERS SELL AGAINST ICHRA AS IT IS NOT IN THEIR BEST FINANCIAL INTERESTS TO DO OTHERWISE. THEY MAKE LESS MONEY AND BECOME LESS RELEVANT)
“Creative destruction is hard in any industry and insurance has a poor history of it, but anyone with a lot of employee benefits revenue not thinking about the ICHRA market could find they are waking up too late.” – Sam Melamed
“Some brokers will do everything that they can to deflect client requests to evaluate an ICHRA program to replace their group model. That approach is fraught with danger, particularly when unlicensed sellers can deliver a solution.” – Bill Stuart
The following are three steps needed to establish an ICHRA:
Step 1
You pick your cost
Set up and pre-fund a Health Reimbursement Account (HRA).
Step 2
Employees Pick Their Plan
Employee shops for carriers and plans and applies via the Iris platform
Step 3
HRA Pays For The Premiums
If an employee’s chosen plan costs more than your contribution, they pay the difference through pre-tax payroll deductions.
For More Information Go HERE
HOMEWORK ASSIGNMENT – POP QUIZ TOMORROW
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