ICHRAs Bi-Partisan Support = Freedom of Choice For Employee Healthcare

It began with original legislation which took effect January 2020 for Individual Coverage Health Reimbursement Arrangements (ICHRA) which allows employers to move from one-size-fits-all group health plan design to individually tailored health insurance with the same pre-tax benefits.

More legislation is in front of congress which further expands the laws. Insurance brokers need to evolve their planning models and employers need to pay attention because premiums continue to rise year after year and not looking at your options fully could be costing you and your workforce 30% or more in premium cost savings annually!

Companies are finally seeing the opportunity and are beginning to compare/contrast their current group plans vs. ICHRA before their annual renewal.

We expect to see this trend continue and we are not alone, the Department of Labor predicts ICHRA plan conversions to increase by 255% by 2025.