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Having analyzed scores of possible ICHRAs for employers since late 2019, we have found that approximately 40% make sound financial sense. Our experience, from the dozens of companies we have implemented or are currently implementing, has taught us that a successful ICHRA rollout relies on three major areas:<\/p>\n
1. Strategy\/design and compliance: Analyze and design a plan that is right for organizational financial goals and culture, including providing the necessary model notices and legal documents to ensure compliance.<\/p>\n
2. Employee engagement and enrollment: An education, communication and rollout strategy are paramount to a positive experience. Employers need to provide opportunities to have individual health insurance specialists meet one-on-one with employees to assist them in making informed individual health insurance decisions.<\/p>\n
3. Administration: From the initiation and communication of the program to the management and delivery of monthly employee reimbursements, the new program comes with a host of new administrative functions, all of which must be handled systematically. <\/p>\n
If we have learned anything about the health insurance industry over the past decade, it is that things change and they change quickly. The ICHRA regulations allow an opportunity for those seeking a path to defined contribution and a path for those who seek to get out of the annual health renewal game. <\/p>\n
Is ICHRA a health insurance game- changer? While the final answer will require time, all indications are that the answer for many will be yes.<\/p>\n
Spinelli is vice president, director of affinity groups and emerging markets, for Oswald Cos.<\/i><\/i><\/p>\n<\/div>\n