Nexben’s ICHRA solution makes the health insurance benefits enrollment process seamless for both brokers, clients and their employees. When starting with a proposal, why not start paperless? Our technology is capable of driving the entire process from quoting, to enrollments from one platform, with no paper.
The Affordable Care Act imposes a fee on plan sponsors (usually the employer) of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute (PCORI). All HRAs are considered self-insured plans, including ICHRAs.
We’ll start with a general step-by-step guide from the point of view that a company is starting from scratch with an ICHRA. Almost as if they have not offered health insurance benefits in the past. Then we’ll see how this changes when transferring from another type of group health plan to an ICHRA.
Adapted from an article originally published in the July 2021 issue of America’s Benefit Specialist, the official publication of The National Association of Health Underwriters (NAHU)
Nexben’s ICHRA solution is amplified by its technological capability, which includes side-by-side health insurance plan comparisons! Brokers moving away from the traditional way of quoting benefits will greatly enjoy this modern improvement to benefits administration.
Technology should be embraced and seen as a resource to enhance a broker’s value—not as a cumbersome roadblock. Billions of dollars are being invested into Insurtech and we’re going to continue to see new solutions and ideas that are designed to improve the health insurance industry.
An Individual Coverage HRA represents a modern model of employer-sponsored health insurance. Now employers, of any size, can use pre-tax dollars to create a group health plan to reimburse employees for part or all of their individual health plan premiums.
Nexben recently commissioned an analysis of the ICHRA market, conducted and published by Ezer21, an innovation consulting and advisory firm. Through in-depth interviews with brokers, technology leaders, and regulatory experts to gather their perceptions of the key advantages and opportunities with ICHRAs, we learned:
ICHRA plans allow for employers to set contribution allowances themselves, unlike traditional small group plans where the contribution is predetermined. Here are a few contribution strategies that can allow for more budget flexibility among employers.
While traditional fully-insured plans may feel safe to employers, self-insured plans are on the rise due to their flexibility and potential for cost-savings. Here’s how to turn employer-perceived challenges into opportunities for your clients.