The Challenge: High Group Quotes with a Distributed Workforce
When a restaurant franchise was quoted infeasibly high group health rates because of its 19 disparate locations throughout the country, it was unable to offer benefits.
With over 90 employees across the country, the company wasn't able to find a group plan that reduced claims risk and premium hikes, while also offering plans that suited the diverse needs of its employee base.
The Solution: An ICHRA to Replace Cost and Offer Local Plan Options
Using an Individual Contribution Health Reimbursement Arrangement (ICHRA), the restaurant group was able to manage its healthcare spend using a pre-tax stipend for employees to purchase their own health insurance. This not only brought predictability to the company's health insurance costs, but it also provided compliance with affordability regulations.
Venteur's white-glove service stripped the administrative burden away from the employer. Venteur also helped employees find plans specifically tailored to their individual needs.
The Result: Significant Savings and More Choice
The transition to an ICHRA saved the company 20% of its annual spend. Employees were able to access multiple network and HSA options provided under group plans at a reduced cost, resulting in more take-home pay.
