The Challenge: Rising Health Insurance Costs
In 2023, a car dealership faced a significant challenge. With health insurance costs skyrocketing, it was on track to spend over $400,000 on a level-funded plan for its 33 employees. The financial strain threatened the dealership's ability to maintain its workforce while providing quality health benefits.
The Solution: Switching to an ICHRA
Seeking a better solution, the dealership turned to Venteur's ICHRA solution. ICHRA offered a promising alternative: a pre-tax stipend for employees to purchase their own health insurance, promising predictability in health insurance costs for employers, while offering employees enhanced benefits featuring more choice and flexibility.
The Result: Significant Savings and Expanded Coverage
The transition to an ICHRA was a resounding success. Not only did the dealership reduce its health insurance spending by over $75,000, but it also expanded coverage to 39% more employees. Additionally, the dealership anticipates that its savings will double in the next three years, a testament to the efficiency and effectiveness of Venteur's ICHRA solution.
