Is an ICHRA the Best Health Insurance for My Company?
By Team Orca
Feb 8, 2023
Want to make the best health insurance choice? Learn why an ICHRA is a home run for the businesses that choose it – and their valued employees.
As an employer, health insurance for you and your employees will be one of the most important choices you’ll make. As you grow your business, you want to make sure you provide benefits that make you attractive top talent, without hurting your bottom line.
If you are finding that traditional group plans won’t work for your business because of enrollment requirements or costs, there’s good news! There are other options that provide more choice and more flexibility.
Why choosing ICHRA may be best your best bet
ICHRA puts the power of choice in the hands of your employees. After they sign up for coverage, they shop the individual market for a healthcare plan that fits their specific needs.
This design benefits your small business by saving money, but it also reduces risk, adheres to Affordable Care Act (ACA) compliance guidelines, and takes time-consuming administrative tasks off your plate.
It’s a tantalizing option for many businesses.
Here are five reasons why choosing an ICHRA could be your smartest choice:
1. Long-term business savings
An ICHRA helps you manage healthcare costs and stay within budget.
As part of your planning, you, the employer, will only pay for the coverage your employees select, and only up to the amounts that you predetermine. For instance, if you offer $500 in monthly coverage and your employees select plans that cost $250 per month in average premiums, you pocket the remaining $250 in savings. If you cover Platinum plans and your employees trend toward Silver plans, then you save the difference.
The savings are there for your employees, too. You reimburse your employees for premiums and other covered costs, and those reimbursements are tax-free!
2. ACA compliance
If your business employs 50 or more people, then you’re mandated to offer insurance that’s considered affordable.
Offering ICHRA health insurance through Venteur automatically ensures that you’re offering an affordable health insurance option, so you’re complying with the mandate without actually having to do the math.
3. Flexible individual plans
The flexibility of an ICHRA is one of its greatest benefits. That’s because your team wants to be in charge of their healthcare, and group plans just don’t allow that the way an ICHRA does.
An ICHRA puts the employees in charge of shopping the individual marketplace for plans that work within the limits you set. You stay within budget, but your employees get the benefit of choosing between hundreds of plans (not just two or three), depending on where they live.
Employees with basic needs can find a simple plan that works for them, while people with complex needs or families can opt into a plan that supports the specialists and medications that they need to manage their health. And by usingVenteur’s AI-driven platform and the expertise of our health insurance consultants, your employees really get the plan that’s best for them.
4. No participation requirements
One of the biggest headaches on group health plans can be enrollment requirements. You have to have 70% of your workforce enrollment, that’s not an easy task with a cookie-cutter group plan!
With ICHRA, you don’t have a minimum participation requirement. Depending on the employee’s needs
5. Less admin on your plate
Administering small business health insurance is a monumental task that takes tons of time and effort. You could be spending that time elsewhere with an ICHRA, especially through Venteur.
With our team of expert brokers and insurance professionals, we take the dirty work out of administering healthcare insurance. You simply set your limits and set your employees free to make their plan choices. We handle enrollment, reimbursement, and all the rest!
Which industries are a good fit with ICHRA?
Your business may be a good fit for an ICHRA if you’re part of an industry with high turnover, short tenure, lower-paid workers, or mixed hourly and salary employees. In other words, industries that benefit from flexible healthcare plan design and cost savings for both employees and employers.
That being said, an ICHRA is a good option for any business that needs to address turnover, slash costs, and attract talent.
Your employees and the pool of new talent need flexible healthcare choices that work for them, not against them. They’ll go where the best benefits packages are, so you have to get ahead of the competition by offering health insurance that actually works for the individual.
Mass group plans aren’t the way to keep office morale high; an ICHRA could transform the entire atmosphere of your workplace.
Make the best health insurance choice for your business
You shouldn’t wait to make the switch to an individual choice HRA. Your employees want better health insurance now, and you could be their dream employer by offering flexible, people-first plans.
Besides that, the logistical benefits are just too good to ignore. Venteur takes administration off your plate and puts budget control into your hands.
Make the best decision for your small business and team: Talk to the experts at Venteur today to join the changing future of health benefits!
This website is operated by Venteur, Inc. and Venteur Insurance Services LLC and is not the Health Insurance Marketplace® website. In offering this website, Venteur Inc. is required to comply with all applicable federal law, including the standards established under 45 CFR §155.220(c) and (d) and standards established under 45 CFR §155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans being offered in your state through the Health Insurance Marketplace® website. To see all available data on Qualified Health Plan options in your state, go to the Health Insurance Marketplace® website at HealthCare.gov.