You oversee the benefits for your employer and you're starting to hear chatter about ICHRA’s in the marketplace. You have done your research and think it could be a good option to save your employer from the consistent high renewals you receive year over year, but you are worried about your employees and your team. How will they adjust to this new way? How will we get buy-in from everyone? Will this change result in lower morale than if we continue status quo? Moving to an ICHRA can be an easy transition. There are many similarities to a traditional group health plan, despite the process being different, and we help you navigate the change smoothly.
Employer Subsidy Strategy
The premiums in the individual market vary by rating area and age. Therefore, your future strategy will need to align with these rates according to your company’s goals. Our consultants can assist with this. For example:
Is it your goal to be consistent with what you offer currently?
Is it your goal to offer contributions that only meet minimum affordability standards?
ICHRA Plan Choice
More than likely, your employees have had to choose from a limited number of plans with only one carrier option. The individual market has numerous carriers, multiple networks, and various plan options, giving your employees more variety. Our enrollment specialists can help your employees select a plan that best fits their needs.
Responsibilities
Your HR team will need to learn about ICHRAs to educate your employees on buying a policy on the individual market. Our account managers are there to educate you.
Your employees will need to understand their responsibilities of having an individual health plan. Our account managers and support team will empower your employees.
You will have a different process to determine payroll deductions. Bavvy provides financial reporting.
Key Differentiators
Bavvy has a team of individuals that work alongside your HR team. After our consultants work with you to determine the best ICHRA strategy, it is time to move forward with implementation and education for your team and ultimately your employees. Bavvy is here as an extension of your team to help you through this process. Education is the key!
We have developed materials that can be customized to fit your communication strategy with employees.
Our consultants, account managers, enrollment specialists, and support team are there to answer your questions and empower you.
We want to make this transition smooth for you, your team, and your employees. Contact us if you have any questions!