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ICHRA Health Plans

A Better Alternative to Group Health Insurance

ICHRA. A New Way to Provide Affordable Health Benefits to Employees.

 

Health insurance is one of the largest expenses for most businesses. Measures to hold down the cost have resulted in high deductibles and watered down benefits, leaving employees financially exposed and afraid to get the health care they need.

At the same time millions of businesses are struggling with hiring and retention. The lack of affordable health benefits results in higher turnover rates and a competitive disadvantage.

But in 2020 the Individual Coverage Health Reimbursement Arrangement (ICHRA) became available as a new health benefit alternative for employers.

 

What is an Individual Coverage Health Reimbursement Arrangement?

The Basics

New in 2020, ICHRA allows an employer to eliminate group health insurance completely.

Instead, employees use ICHRA funds to pay for the health plan of their own choosing.  Employees get a health benefit that suits their health and financial situation.

A proper ICHRA strategy satisfies both ACA requirements for any size employer. 

An ICHRA can also pay for lower cost employee assistance programs that reimburse employees for some everyday care needs:

  • Direct primary care
  • Virtual primary care
  • Dental care
  • Vision and eyecare
  • Mental health care
  • Prescription benefits

Ichra + medical cost sharing

Importantly, employees are free to opt-out of the ICHRA and accept an employer’s offer to pay towards a health insurance alternative like Medical Cost Sharing.   So employees are given the choice between health insurance, or this new more affordable alternative.  

In simple terms, ICHRA gives any business a better alternative to expensive group health insurance. Offer employees a regular monthly allowance to buy individual health insurance or other health benefits that fit their individual lifestyle and finances the best instead of forcing employees to accept a ‘one-size fits-all’ group insurance plan.

ICHRA gives employees greater choices in health benefits. With the right ICHRA strategy, every employee has easy access to everyday health care, and an affordable way to pay for unexpected large medical expenses. Employees appreciate being able to choose a health plan suited to their individual health, lifestyle, and family finances.

Developing an ICHRA Plan for Your Business

 

Consistently, 75-80% of employees choose a medical cost sharing plan over high deductible health insurance.  At the same time, they reduce the cost of group health benefits to you, the employer, as much as 20-40%.

Get in touch and let’s see how much an ICHRA strategy will save your business.

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An Alternative to Employer Group Health Insurance

Eliminate group health insurance, forever! 

Your employees get a health plan they like.

Close the door on Open Enrollment. No huge renewal increases, or raising the deductible, yet again.

Predictable monthly costs 20-40% less than group health. 

Checks both boxes for the Affordable Care Act.

Healthier employees who really appreciate their health plan savings.

Health Benefits Employees Appreciate

With the right ICHRA strategy from Scoop Health,

Employees are free to pick a health plan that suits their health and finances. 

Every employee gets unlimited Virtual Primary Care and a 1:1 personal relationship with a physician.

Employees can add dependents and family without dramatically multiplying their expenses.

Reduce their out of pocket expenses as low as $500 for any incident

Access to any care, anywhere, any time.

No network restrictions, co-insurance, or annual limit.

 

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Schedule Your ICHRA Consultation Today

It’s easy to see how an ICHRA could help your business.  Get in touch to find out how much you can save, while giving your people the freedom to choose their own health benefits!

Scoop Health

Scoop Health is a leading resource for new and innovative health benefit solutions.

 

© 2021 Scoop Health

 

 

 

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