An Individual Coverage Health Reimbursement Arrangement (ICHRA) is an innovative approach to health insurance that has gained significant traction since its introduction in 2020. Furthermore, ICHRAs enable employees to purchase individual health insurance plans that best suit their needs rather than restricting them to a one-size-fits-all group plan. Remodel Health is here to discuss future trends and considerations for ICHRAs—one of the fastest-growing healthcare arrangements.
The Evolving Landscape of ICHRA Regulations and Legislation
The healthcare landscape is constantly changing. As a newly integral part of this landscape, it only makes sense that ICHRA regulations and legislation will evolve. Still relatively new, this special type of Health Reimbursement Arrangement (HRA) requires a specific approach. As an employer, it is essential to understand this approach, the regulatory landscape, the benefits and challenges of ICHRAs, and how ICHRAs differ from traditional group plans. Keeping current with these changes will help your company remain at the forefront of its industry. Remodel Health can help you do this.
Predictions Into the Future of ICHRAs
Currently, ICHRAs’ benefits outweigh its challenges, and the prediction is that they will continue doing so. Regulatory experts, brokers, and technology providers, all strongly support ICHRAs. More seamless and convenient healthcare solutions are expected to arise based on the benefits and opportunities that ICHRAs provide employers and their employees. With increased familiarity and continued technological improvements, the market growth for ICHRAs is predicted to steadily rise.
Potential Challenges and Opportunities for Employers and Employees
Despite the countless benefits ICHRAs provide, these healthcare arrangements also pose some potential challenges due to how new they are. These potential challenges include a lack of employer awareness and understanding, uncertainty about how they will be regulated moving forward, and lack of adoption in rural geographic areas where the individual market is underdeveloped. Remodel Health stays up-to-date on industry trends and can help navigate the uncertainty and complexity. ICHRAs are fast-growing and most certainly the way of the future in the healthcare industry.
ICHRAs Will Continue to Revolutionize Healthcare Benefits
Just as every employer and employee is different, every company is different, too. No two companies have the same business needs, but all have a shared concern: the ever-increasing costs of group healthcare benefits. No matter the size or industry of your organization, enlisting professional help when navigating the ever-changing scene of healthcare benefits is beneficial. Over 3 million individuals are currently enrolled in an ICHRA. The Department of Labor has projected that by 2025, this number will reach 11 million. ICHRAs are the future of healthcare benefits.
We’ll Help You Stay Ahead of the Curve
Our state-of-the-art software company offers one-of-a-kind software to companies big and small. Remodel Health is the only software in the U.S. that combines white-glove service with a side-by-side analysis of group health insurance and ICHRAs. We aim to show genuine comparison improvements.
Contact us today to learn more about ICHRAs’ future trends and considerations and how to make the switch.
