The New Alternative to Group Health Insurance for Large Employers
Recent ACA changes created the Individual Coverage Health Reimbursement Arrangement or ICHRA. It’s called the 401K of health benefits because it’s a flexible way for employers to provide better employee health benefits, for less money.
ICHRA opens up a whole new approach to employee health benefits that replaces group health insurance with health benefits that every employee can use. Not just the sickest, as with group health insurance.
An ICHRA strategy satisfies the ACA, eliminating penalty risk. With the right ICHRA approach average employers will save 20-40% vs traditional group health insurance premiums. Employees get better health benefits and including no cost primary, preventative and virtual urgent care. Removing all financial barriers to getting the healthcare they need to stay healthy.
Employees can choose traditional health insurance or a medical cost-sharing alternative to pay for larger needs. This simple choice eliminates the unfairness of traditional health insurance by giving healthy employees a lower cost alternative.
ICHRA gets employers out of the health insurance business. There’s no health plans to design or manage, no ugly renewals, and no employee health risk to worry about. Monthly rates are planned and predictable with no surprises. Best of all annual renewals are simple and easy for employees, and employers.
Making the switch from group health insurance all starts with a free financial analysis of your group and your current health benefits compared to an ICRHA approach. Get in touch to find out how much your business can save.