If you run a business—small or large—you’ve probably heard of an Individual Coverage Health Reimbursement Arrangement (ICHRA). If you haven’t, let’s change that! Group health benefits are quickly becoming a thing of the past. Remodel Health is a leading ICHRA provider that aids employers in helping their employees choose the best health plan for their unique needs. ICHRAs are just one way to show your employees they’re more than a number.
How ICHRAs Fit With Enterprise Organizations
ICHRAs are not limited to small businesses. In fact, they were designed with Applicable Large Employers (ALEs) in mind. Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) have existed just fine since 2017, but enterprise organizations were left out. That’s why ICHRAs showed up in 2020—to specifically help large employers. Between 2022 and 2023, the number of ALEs utilizing ICHRAs has more than doubled, with an increase of 144 percent. If your organization has over 50 employees and is recognized as an ALE, ICHRAs are worth looking into. This highly-attractive option for enterprise opportunities can help your organization provide its employees with flexible and personalized health benefits, all while managing costs.
Why Should My Enterprise Organization Offer ICHRAs?
Enterprise organizations can reap a wide range of benefits when they switch from group health benefits to individual health benefits. These benefits include the following:
1. Budget Management
Enterprise organizations can establish predictable budgets and fixed contribution amounts for their employee healthcare coverage. By doing so, enterprise organizations can control costs while offering their employees the flexibility to select a health insurance plan that fits their needs.
2. Geographic Flexibility
It’s not uncommon for enterprise organizations to have employees working in different locations or remotely. With ICHRAs, employees can choose a health insurance plan that is valid in their specific geographic location. This is a great benefit for a dispersed workforce.
3. Reduced Administrative Burden
ICHRAs are a great way to reduce administrative burden, complexity, and tasks. With ICHRAs, employees are responsible for plan selection and management, which ultimately saves enterprise organizations both time and effort.
4. Employee Retention and Satisfaction
When you offer your employees personalized health coverage options, you are contributing to their overall job satisfaction and well-being. This can result in higher retention rates and improved productivity. It can also set your enterprise organization apart from others and make it more attractive to potential employees.
Why Partner With Remodel Health?
When you partner with Remodel Health, you can simply and efficiently revolutionize your employees’ health benefits. Our team of licensed consultants, benefits advisors, and customer success representatives can assist your organization and your employees every step of the way. Our knowledgeable professionals will walk you through all your options when choosing health benefits for your enterprise organization. We put employers in control of their health benefits by helping them choose a healthcare solution that meets the needs and exceeds the expectations of their organization and their employees.
Contact Our Team Today to Learn More
Since 2020, Remodel Health has provided enterprise organizations with tailor-made health insurance options known as ICHRAs. With ICHRAs, your enterprise organization can experience significant savings while simultaneously revolutionizing your employees’ benefits.