You recognize the many benefits to your business in transitioning to offer an Individual Coverage Health Reimbursement Arrangement (ICHRA.) And you’re ready to move forward with taking the next steps. While you are free to execute and set up your company ICHRA on your own, you don’t actually have to do so. There are great partnerships that can help you launch and manage your ICHRA model. And finding the right partner means looking for these three things.
Start with the Experts
Before you make the decision to partner with any company for help with your ICHRA, you’ll want to make sure you’re working with experts. You’ll need to determine if your new partner has the necessary expertise across a variety of areas. Not having a knowledgeable partner will prove to be costly.
Experts in Health Insurance Benefits
ICHRAs are not health insurance products. But your employees will need to secure their own health insurance coverage in order to be eligible for your ICHRA benefits. Make sure you work with an ICHRA partner that has expertise in the Marketplace and health insurance enrollment options to help your staff browse and find their best coverage.
Experts in ICHRA
To set up and manage an ICHRA ongoing, you’ll want to be sure your company follows the requirements and guidelines. Your company setup and employee eligibility will depend on your ICHRA partner’s knowledge of compliance. Every ICHRA can be different, but implanting yours means having an expert in your corner that understands the various nuances to setup and management.
Experts in Analytics
Establishing an ICHRA for your company and employees is only one step in the process. Ongoing management and analytics will help you make necessary changes, monitor opt-in averages, and control expenses. Before you make the decision to partner with someone to help you set up your ICHRA, inquire about the company’s expertise in analytics and reporting processes for long-term adoption.
Flexibility in Customization
One of the benefits for companies looking to implement an ICHRA platform is the ability to be flexible in designing company benefits and investment spending. The appeal is that an ICHRA is not a one-size-fits-all solution. Similarly, you don’t want to work with an ICHRA partner that doesn’t offer customization and flexibility in setup and management.
Understanding Your Business
Before you sign into any kind of agreement with a company that offers assistance with your ICHRA setup, you’ll want to ask a few questions. To make sure you’re working with a flexible partner, you’ll need to make sure the company understands your business needs. Your company structure and your core budget will each play a valuable role in setting up a successful ICHRA your staff will enjoy and use. If the company only offers one way to move forward without digging in to learn more about your business, you might need to decline the partnership.
Understanding Your Employees
Under the ICHRA model, various employee types are eligible to submit for reimbursements. But you’ll want to make sure you’re partnering with a company that understands the various nuances of employee types and available benefits. For example, if you’re keeping a group insurance plan for some of your staff and offering an ICHRA to other members, you’ll want to work with a partner that knows the compliance requirements for each group. Remember, you may want to structure your ICHRA differently based on full-time, part-time, temp, and seasonal employees, too. Your ICHRA partner should be well-versed in setting up and managing the plan for everyone.
Understanding Your Goals
Your company goals, health benefits goals, and budget goals are likely core factors in your decision to set up an ICHRA. As a business owner, you’ve carved out a plan identifying these goals, and you’ll need a partner to understand them. Developing your ICHRA platform will require a process that follows your plan to ensure a successful transition.
Strong Value Propositions
Another key consideration to look for when selecting an ICHRA partner is value. You’ll need to find a reputable provider that can meet your budgetary goals. And many will offer a host of additional services to help implement and manage your ICHRA plan ongoing.
Affordability in Goal Setting
If you haven’t laid out a plan yet with goals for your company’s ICHRA, your new partner can likely help. But look for affordability in the goal-setting process. Make sure this potential partner offers a host of solution options that fit your overarching goals for the year.
Affordability in Execution
Launching an ICHRA can be challenging, especially if the concept is new to your staff. Consider working with an ICHRA partner that can help with proper employee introduction and communication regarding your new benefits plan. The goal is primarily to provide your employees with a quality reimbursement option they can understand and opt into with ease. You’ll want them to have a contact for questions and a dashboard for easy receipt management. The ideal ICHRA partner will understand these points and offer value in execution.
Affordability in Ongoing Management
The last thing you want in an ICHRA partner is a company that disappears after your plan is set up. Instead, look for short, mid, and long-term goals from your partnership to ensure the company can be of assistance long after you launch your program. Value means finding affordability with a partner that can help you launch now and grow your ICHRA as your company grows.
If your company is like many businesses this year, transitioning to an ICHRA offering for your employees just makes sense. But you’ll likely need a professional partner to help you organize your efforts, set up your ICHRA, and launch with your employees. Before you jump into any kind of agreement, follow up on these points to ensure you’re making the best move. Or you can simply partner with W3ll and find the expertise, knowledge, affordability, and long-term capabilities you need. Contact us today to explore our valuable partnership opportunities. We can offer the tools and support to help you develop, launch, and maintain an ICHRA offering that meets your needs.