Why ICHRAs Are the Future of Large Group Health Insurance
Eric Kasen, Executive Vice President, Brown & Brown Insurance Services, waited nearly 30 years for health insurance in America to catch up with his vision of a private exchange for employees. "There's never been a true solution to lower the cost of health care from an employer's perspective that could actually work," he says. "It's just cost-shifting and marketing that's designed to increase profits for carriers."That changed with the introduction of Individual Coverage Health Reimbursement Arrangements (ICHRAs) in 2020. The model lets employers contribute pre-tax funds toward the health insurance premiums their employees purchase on the individual market.
Insurers Bet on New Type of Job-Based Health Benefits
Health insurance companies hungry for a piece of the large and lucrative employer health plan market see a recently created exchanges-based product as their way in.Although only a small — albeit growing — share of businesses offer individual coverage health reimbursement arrangements, or ICHRAs, to their workers, insurers such as Oscar Health, Centene and Highmark are gambling they are the wave of the future as employers strive to contain healthcare spending.
ICHRAs: Poised for Major Growth or Overhyped ‘Niche Market’?
During Oscar Health, Inc.’s recent Investor Day presentation, CEO Mark Bertolini declared that “ICHRA’s time has come,” referring to Individual Coverage Health Reimbursement Arrangements, which the insurer said it believes is the key to expanding its presence in the individual insurance market. However, some industry experts and two much larger health insurers aren’t convinced that these alternatives to traditional employer-sponsored plans are poised for their big break.
7-time NBA Champion Robert Horry Opens Up About Healthcare Struggles
At the peak of his basketball career, which began in the early 90s, Robert Horry was unstoppable. His legendary clutch performances earned him the moniker 'Big Shot Bob' and seven NBA championship rings, making Horry one of the most decorated athletes in modern sports. Now he's working on another title: healthcare advocate.
Erik Wissig on Office Hours
Erik is SureCo's CFO & COO and works across all areas of the company, supporting teams with strategic execution and management. He joined SureCo in 2020 and swiftly moved to acquire technology from Hixme, a tech company he co-founded. As Hixme's CFO, he raised Seed, Series A, and Series B venture capital rounds. Erik has 25+ years of experience at the cross section of healthcare and technology. His career began in investment banking, and he advised on corporate transactions for Cardinal Health, Tenet, USC University Hospital, and IAC Interactive, and more. He earned his degree in Business Economics and German from the University of California at Santa Barbara and achieved the Chartered Financial Analyst designation from the CFA Institute.
Why it Might Be Cheaper for Every Employee to Have Their Own Health Plan
Many employers are at a loss about how to reduce healthcare costs for themselves and their employees. But does that mean they should give up their health plans for an alternative model?
How the New Short-term Health pPan Regulations Impact Employers and Employees
In a move aimed at reshaping the health insurance landscape, the Biden administration has implemented stringent regulations on short-term health plans. These plans, often criticized as "junk plans," have long been contentious due to their cheaper premiums and limited coverage options.Under the new rules, short-term plans are now restricted to a maximum duration of three months, with a one-month extension available. This marks a significant departure from the previous regulations enacted during the Trump administration, which allowed these plans to extend up to three years.
Don't Overlook ICHRA for Employee Health Benefits
Employee health benefits are in the midst of a transformation because traditional benefits methods fall short of meeting the diverse needs of today's workforce. One solution is Individual Coverage Health Reimbursement Arrangements (ICHRAs). While many benefits consultants still believe they are tailored for small employers, the reality is the opposite. Mid-market and large companies can reap significant benefits from embracing ICHRAs, leveraging them to meet business goals, care for a diverse workforce and attract top talent.
From Living in His Car to Innovating Healthcare with SureCo CEO Matthew Kim
In today's workforce, the one-size-fits-all model of employer benefits falls short, neglecting the diverse needs of employees and their families. Regulatory changes, like the IHRA, spark innovation, prompting companies such as SureCo to rethink approaches. We talk with SureCo's CEO, Matthew Kim, about his journey from immigrant roots to driving change with his entrepreneurial resilience.
NBA Champion Robert Horry Draws on Daughter's Health Struggles and Joins ICHRA Movement
Robert Horry's daughter, Ashlyn, spent the first six months of her life at Texas Children's Hospital in Houston hooked up to oxygen.Not diagnosed immediately, Robert and his ex-wife, Keva, found out that Ashlyn was born with 1p36 deletion syndrome, a rare genetic disorder that causes intellectual disabilities.
What Employers Can Do About Increased Healthcare Costs in 2024
The health care landscape continues to evolve in 2024, presenting new challenges for insurers, employers, and employees. One of the most pressing concerns is the projected increase in health care costs, fueled partly by a surge in outpatient procedures observed towards the end of 2023. This spike, attributed to a combination of factors including catch-up care following the disruptions of the COVID-19 pandemic, has raised concerns among patients, insurers, and industry analysts regarding the potential impact on premiums and employer-sponsored health benefits.
Workers Want More Health Benefit Options, Employers Concerned About Cost, Survey Finds
In today's rapidly changing professional landscape, employee health benefits stand out as a category in desperate need of transformation," according to the 2024 State of Employee Health Benefits report from the health insurance platform SureCo. "More than half of Americans under age 65 receive health insurance through their employer, but the current way companies offer benefits is no longer serving anyone.
Prior Authorization Rules Don’t Apply to Employer-based Health Insurance
Centers for Medicare and Medicaid Services put forth a new set of rules to curb private insurance's use of prior authorization. These new rules will go into effect in 2026 and will impact care for the 105 million Americans who receive insurance through Medicare, Medicaid and individual plans bought on the Affordable Care Act marketplace. But the prior authorization rules will not affect the largest number of Americans who have health insurance – the 158 million who receive insurance from their employer.
Workers Cry for Choice: Employer Health Plans Leave Everyone Upset
By attempting to please everyone, employers can find themselves in the unenviable position of pleasing almost no one."Employers provide health benefits to nearly 153 million Americans, which puts them in the health insurance business whether they want to be or not," the 2024 State of Employee Heath Benefits report from SureCo said. "In the current model, business owners, finance professionals and human resource leaders face the impossible task of selecting and paying for plans intended to suit everyone, but rarely do. And thanks to the looming threats in the greater health care sector, their job is only getting harder.
Larger Employers Fund Worker Obamacare Option as Costs Spike
Erik Wissig, chief operating officer of SureCo, an ICHRA technology administrator based in Santa Ana, Calif., said that the average size of companies using reimbursement arrangements is increasing due to greater awareness of the plans. Employers and benefit brokers and consultants “are realizing that ICHRA is not only for the very small company, and there’s an opportunity for larger companies to benefit from implementing an ICHRA program,” Wissig said.
ICHRA Platform SureCo Bolsters Leadership Team With CRO Appointment
SureCo, a leader in helping businesses provide customized healthcare options to employees, announced today the appointment of Tom Mafale to the role of Chief Revenue Officer. With more than 35 years of experience leading health insurance companies, Mafale will work closely with insurance brokers, businesses, and carriers to help employers leverage the opportunities of the burgeoning individual market at scale.
Don't Wait For the Next Bank Crisis to Protect Your Payroll
For many businesses that banked with SVB, managing payroll involved getting funds directly from their accounts, or working with payroll providers that partnered with the mid-size bank. While the federal government quickly ensured that depositors would have access to their funds within days of the closure, President Biden's comments on the matter pointed to the financial strain many business owners — and their employees — were facing when the payroll process was in jeopardy.
Digital Benefits Administration Platforms: Improving HR Processes
Benefits administration is a significant pain point for HR professionals—and a major source of inefficiency for businesses. A September 2022 Insurance Journal article reported that of 1,000 employers surveyed, 37% said administering employee benefits involved moderate to heavy paperwork, while one-third spend 80 hours yearly on compliance. But for all the time invested in benefits management, employers typically have limited options when it comes to offering affordable group health plans.
What Companies Should Prioritize When Navigating Out-of-State Employee Health Benefits
Individual states have their own laws and regulations governing health care coverage, and companies must ensure that their fully insured benefit plans comply with each of these laws.
SureCo Onboards New CRO Tom Mafale
Tom Mafale joined SureCo in 2023 as chief revenue officer, where he is responsible for leading the enterprise’s sales, account management, sales operations, and channel development. Mafale brings 35 years of experience leading best-in-class healthcare organizations as the SVP at UnitedHealthcare, SVP of National Accounts for Aetna, chief growth officer at Paradigm, and more.
ICHRA Platform SureCo Bolsters Leadership Team With Chief Revenue Officer Appointment
SureCo leverages new technology and partners with the majority of carriers to add transparency and quality to healthcare choices. SureCo's trusted Enrollment Platform allows large employers to offer customized healthcare options to their employees, enabling workers and their dependents to choose coverage that fits their personal needs from every carrier and plan available in their area through an Individual Coverage Health Reimbursement Arrangement (ICHRA).
HRTech Interview with Matthew Kim, Chief Executive Officer, SureCo
Employee wellness is critical to the employee’s journey in an organization. How is SureCo acting as a boon for HR departments? Matt Kim tells it all.
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