If you’re reading this, you’ve probably already determined that a traditional group health insurance plan isn’t serving the needs of your business or your employees anymore. While seeking a more innovative way to optimize your benefits programs, the Individual Coverage Health Reimbursement Arrangement (ICHRA) has emerged as an attractive option. If you're considering making the switch to ICHRA but aren’t sure how to proceed, we’re here to guide you through the initial steps to consider in order to ensure a smooth and successful transition.
1. Talk to your benefits consultant.
When you’re ready to explore ICHRA as a viable option for your company, a crucial first move is to engage your benefits consultant. Their expertise and guidance are essential in navigating the complexities of benefits administration and compliance. By involving them from the beginning, you can ensure that they understand your goals and help you make an informed decision about whether ICHRA aligns with your company's unique needs and culture.
2. Survey your employees about their benefits priorities.
A successful benefits program must cater to the needs and preferences of your employees. Conducting surveys or holding focus groups allows you to gain valuable insights into what matters most to your workforce. By understanding their priorities, you can tailor the ICHRA plan to align with their expectations, potentially leading to increased employee satisfaction and engagement. Additionally, you may discover cost-saving opportunities that can be redirected towards strategic initiatives or other valuable benefits that your employees prioritize.
3. Assess your current financials and calculate your potential ICHRA savings.
Before committing to an ICHRA, it's essential to conduct a thorough financial analysis to evaluate the potential savings your company could achieve by transitioning to an ICHRA model. SureCo has helped mid-market and large employers save up to 40% on their health insurance premiums. Factors such as the average age of employees, current premium payments, and the states where your business operates will influence the specific calculations for your company, but our Benefits Savings Calculator can provide a clear picture of your own prospective financial benefits of adopting ICHRA.
4. Make the business case to your company’s stakeholders.
Once you've gathered all the necessary information, it's time to build a compelling business case for ICHRA adoption. The support of key decision-makers is vital for a successful implementation. You’ll want to prepare a comprehensive overview of ICHRA, highlighting its advantages over traditional group plans—and we can help. Get started with our free communications deck, and for more information, schedule time with one of our experts.
Switching to an ICHRA can be a transformative for your company's benefits strategy. By taking these initial steps and seeking expert guidance and support, you can lay the groundwork for a successful transition to a more flexible, cost-effective, and employee-centric healthcare solution.
Have more questions about switching to an ICHRAs? We’ve got you covered: Check out our comprehensive guide to all the most frequently asked questions we hear about ICHRAs.
