INDIANAPOLIS, Nov. 28, 2023 /PRNewswire/ — Remodel Health, a trailblazer in employee health benefits, has released its highly-anticipated 2023 National Health Benefits Analysis, showcasing transformative trends in employer-provided health insurance. The analysis delves into the impact of Individual Coverage Health Reimbursement Arrangements (ICHRAs) and their pivotal role in reshaping the health benefits landscape.
Key findings from the report include:
- ICHRAs Surge in Popularity: The report reveals a staggering 144% year-over-year increase in Applicable Large Employers (ALEs) opting for ICHRAs. This shift signifies a more economical approach to meeting ACA mandates while offering employees a diverse array of health plan choices.
- Empowering New-to-Coverage Groups: New-to-coverage groups, previously unable to offer traditional group health insurance due to escalating costs, witnessed a remarkable 40% year-over-year increase in ICHRA adoption. This underscores ICHRAs as a strategic entry point for employers to initiate cost-effective health benefits.
- Cost-Effective Employer Contributions: Employers can anticipate a striking 30% reduction in costs, as ICHRAs boast a median reimbursement allowance of $466 per month, compared to the traditional group health benefits’ average of $659.25. This cost-effectiveness allows employers to redirect funds towards medical bill support.
- Quality Coverage Options: Despite the lower costs associated with ICHRAs, the analysis reveals that employees opt for a diverse range of plan metal levels, including bronze (35%), silver (28%), gold (33%), and even premium platinum plans (5%). This highlights that lower costs do not compromise the quality of coverage.
The 2023 National Health Benefits Analysis underscores the transformative potential of ICHRAs in offering cost-effective, tailored health coverage options. With a commitment to employee well-being and financial sustainability, employers can navigate this new landscape with confidence. Remodel Health’s report is available for download. To download the report, visit remodelhealth.com/NHBA2023.
SOURCE Remodel Health
