The Individual Coverage Health Reimbursement Arrangement (ICHRA) quickly gained traction among thousands of U.S.-based companies by providing coverage to employees previously ineligible through their traditional employer sponsored health insurance. With more companies switching over to an ICHRA, brokers must be aware of their expanding potential enrollee pool and act as a guide to potential clients.
1. Filling a Market Niche
Brokers have the power to make or break what is next in health insurance, and many are already positioning themselves to capitalize on this new group insurance model. Brokers know that traditional group plans are subject to price hikes after unlucky health events and are known for their lofty investment points. Considering the effects of the pandemic, many businesses don’t have the budget for these costly plans. Employers still need to find health insurance provisions to offer benefits and remain compliant with regulations. A constant increase of premiums in traditional group plans can result in unaffordable coverage for both employees and employers.
ICHRA, on the other hand, takes the risk out of group insurance. The incredible flexibility of the reimbursement model grants employees the freedom to find the insurance that works for them without the fear of being trapped in a one-size-fits-all plan that gets more expensive every year.
The decline of group plans has created an expanding niche where an ICHRA solution can thrive. Additionally, the expanding ACA Marketplace and new regulations place the ICHRA model in a position of rapid growth.
2. Expanding the Potential Enrollee Pool
Recent years have seen a massive shift in employee type across various industries. To better manage payroll and productivity, many companies are shifting teams from full-time to part-time. Others are making changes to seasonal and temp employees. An ICHRA is an ideal solution for these types of company dynamics. Brokers can work with an ICHRA to supply benefits they wouldn’t be able to with traditional group plans and help increase enrollment rates in at-risk populations. In addition to phasing out expensive, traditional group plans, an ICHRA can increase the possible number of employees within a company that a broker can assist.
Partnering with companies interested in setting up an ICHRA can also drastically expand a broker’s employer network. Any type of company, regardless of size, can switch to the ICHRA model. An ICHRA offers the perfect solution for small businesses struggling to provide comprehensive benefits. Brokers should examine their existing portfolio of clients that would benefit from setting up an ICHRA.
3. Keeping a Hold on Enrollees
With an ever-growing client list, brokers must have the right platform to track and manage all their members. A centralized Book of Business hosted through a simple portal allows brokers to effortlessly serve members through ICHRA, ACA, Medicaid, and more. Investing in a streamlined process and integrated interfaces allows brokers to effortlessly serve members regardless of the insurance model.
Brokers must seamlessly communicate with, provide quotes to, and support ICHRA enrollees. An exceptional member experience and ongoing support can make or break a member’s opinion of their broker, and this fact is especially true for the ICHRA model. There is no health plan to fall back on as the broker serves as the expert that must personalize their support to each enrollee.
Keep in mind a customer-first philosophy when investing in new tools and ensure that every change directly links to the member experience. The more control brokers have over the shopping and enrollment process, the more communication and guidance can be tailored to the member. For example, an integrated quote tool ensures that brokers are linked to members’ enrollment status and retain their members.
Establishing a robust Portal for brokers allows them to grow and retain membership and capitalize on new opportunities. W3LL’s ICHRA strategy is to provide brokers with an easy-to-use platform to quote, enroll, renew, and maintain their ICHRA beneficiaries. With this strategy, our Broker Portal is the initial and primary point of entry point for the brokers.
Reach out to Pete English for a demo and to get started with W3LL’s Broker Portal.
Pete English
With nearly two decades in health insurance, Pete English’s diverse experience makes him uniquely qualified to help health plans and brokers leverage innovative technology in partnership with W3LL. From growing sales staff by 126% over 4 years at a large health plan, to building his own health insurance brokerage firm with over $7.2MM in annualized premium, Pete has done it all.
(631) 681-4898
PEnglish@w3ll.com
