Article by: Benefitbay

 

Here are some case studies showing the power of offering ICHRA to your clients, and the success of offering ICHRA through benefitbay's benefits administration tool!

Business Case Study: ICHRA Advantages for Employer and Employees
1 A private business with 150 employees, 93 of whom are enrolled in health insurance, has been facing above-trend renewal rates for the past three years. An underwriting analysis forecasts a significant increase in fully insured renewal costs for 2022.
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2 

A regional Ice Cream Producer and Supplier with over 500 employees servicing more than 11,000 retail and food service locations faced challenges with its fully-insured medical plan due to multiple large ongoing claims. The company employed various HRA arrangements to provide plan options and reduce premiums. However, the high turnover rate in the industry posed significant difficulties in managing group claims effectively.

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3  A New England-based Home Health Care provider with 600 employees faced challenges with its group plan, which suffered from numerous large ongoing claims. Underwriting analysis indicated a substantial increase in fully insured renewal rates for 2022. The company faced unsustainable premium trends, prompting the leadership to consider all funding avenues, including raising employee salaries, dropping health insurance, or incurring the ACA penalty.
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4  National Food & Beverage group with over 700 benefit eligible employees throughout the Mid-Atlantic region. Had a self-funded medical plan with multiple large ongoing claimants, 1 ongoing “laser” at $500k going to $1M at renewal. High industry turnover of employees made it extremely difficult to manage the group claims experience.
Business Case Study: Significant Savings compared to Group Insurance
5  A Pennsylvania based engineering company with 116 enrolled employees, was previously spending $167,757 per month on their group insurance premiums. Recognizing the need for cost efficiency, the company sought to reduce these expenses.