Companies are adapting and trying to find new ways to innovate in today’s new world. There are new customer-driven and economic demands driving leaders to explore better solutions. And with an increased demand for health-related benefits and changing expectations from employees, you know there has to be a way to customize health coverage benefits.
You’re not alone. In fact, many company leaders have found themselves facing the need to customize their healthcare and benefits offerings to keep up with the evolving landscape. It’s a difficult task that is often made even more challenging by a lack of resources or expertise within the company on which they can draw. It’s easy to default to the traditional group coverage options you’ve had for years. But you’re determined not to make that mistake this year.
But you don’t have to, and there is a better way – ICHRA.
One of the most significant (and attractive) advantages of adopting an Individual Coverage Health Reimbursement Arrangement is the flexibility companies have when setting up, launching, and managing the plan. You can customize nearly every pillar of your ICHRA offering to make it fit any business size or dynamic. And it’s the customizing of your ICHRA that will, in turn, make it the best-fit health coverage solution for your company, your bottom line, and your teams.
1. Taking Control of Your Company-Sponsored Benefit
Because the ICHRA model allows companies to dictate parameters based on various business aspects, it, in turn, allows companies to take the reins with more control of sponsored benefits. Traditional group health plans usually make those decisions for you and your teams. Customizing an ICHRA means taking back control in a variety of key areas.
Controllable Costs: Employers can set their contributions for each employee, meaning there are no budgetary surprises. And predictability in business costs, especially in providing health-related employee benefits, is a customization advantage you don’t want to be without.
Reduced Administration: Limited oversight is needed or required when implementing an ICHRA. And you won’t have to have entire HR departments of benefits coordinators tied up explaining complicated group plan guidelines. Additionally, leveraging third parties, like W3LL, can remove the administrative burden entirely from your teams, delegating all ICHRA exchanges to the professionals on your behalf.
Customizable Reimbursement Models: When your company transitions to an ICHRA, you’ll also be able to customize how you go about authorizing reimbursements. This might include immediate payment, weekly processing, or with any existing or established expense or payroll reporting.
2. Provide Best-Case-Scenarios for Your Staff
Another key benefit of transitioning to an ICHRA is the customization of offerings to employees. Your teams are individuals presenting unique healthcare needs, household budgets, and wellness preferences. The ICHRA allows you to give them control of their own care for a best-case scenario environment for employees. And because the ICHRA can be extended to various classes and employee types, workers who didn’t used to qualify for health coverage may now have an opportunity for benefits.
Recruitment and Retention: An ICHRA can help you create an innovative and impressive benefits package to attract new talent and increase retention among your ranks. The days of one-size-fits-all company coverage are in the rearview mirror. Today’s workers want affordable health insurance options that make sense for them. The customized ICHRA will allow you to extend those personal preferences for every participating employee.
Power to Your Employees: Employees can take charge of their own health insurance decision-making and continue seeing providers of their choice. You won’t have to worry about inadvertently forcing employees to use group-specified in-network providers since employees will be able to select their preferred health plans.
Defined Employee Classes: ICHRA contributions are based on 11 different employee classes – this customization gives you the chance to offer a group plan to one class and another an ICHRA. This kind of flexibility is only available within an ICHRA ecosystem and customizing your ICHRA means offering more options to a broader range of staff.
3. Customizing for Long-Term Growth
One drawback to the traditional group health insurance model is rising costs associated with growth and change. The beauty of an ICHRA lies in the platform’s customizable nature. If you’re changing your business model altogether, the ICHRA can change with you. If you’re expanding into new markets, your ICHRA can extend to employees wherever they live and work. And having the right third-party administrator and ICHRA partner can ensure your ICHRA flexes in any direction your company decides to shift.
Your ICHRA Can Grow with Your Budget: Some years are better than others. And ICHRA can be customized to meet any budget, greater or smaller than previous coverage years. Regardless of your company budget, large and small businesses included, there is a customized ICHRA solution ideal for your financial situation.
Your ICHRA Can Grow with Your Employees: As your company grows and scales, you might expand into new markets with added staff. Your ICHRA can extend reimbursements wherever you need them to, including the various applicable employee classes.
Your ICHRA Can Grow with the Right Partner: With the right third-party administrator partnership, like one with W3LL, you can have ongoing data, metrics, and opt-in information needed to make ongoing customization decisions . Whether you want to manage an ICHRA internally or with the help of a professional ICHRA team, you’ll always have the flexibility to adapt to any business climate.
Customizing your ICHRA every year will ensure that your reimbursement model continues to be a good fit for your employees, your benefits budgets, and your company for the long term. And if you’re unsure about how to make customization changes or have questions about regulatory parameters, let W3LL be your guide!
Our W3LL team can provide as much or as little support you need in customizing your ICHRA solution. From guiding team members through the ACA enrollment process to full-time management of your company’s ICHRA dashboard and metrics, we’re here to make sure you realize every available benefit and advantage the customized ICHRA has to offer.
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.