New Report Illustrates How ICHRA Is Reshaping Health Benefits for Employers and Employees Alike

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Dec 03, 2024, 13:40 ET

INDIANAPOLIS, Dec. 3, 2024 /PRNewswire/ -- Remodel Health and PeopleKeep have released their 2024 ICHRA Report, a 29-page analysis examining the widespread adoption of the individual coverage health reimbursement arrangement (ICHRA).

With rising costs of employer-sponsored group policies driving employers to explore flexible and cost-effective alternatives, ICHRA has emerged as a key solution in the evolving health benefits landscape.

Drawing on data from Remodel Health and PeopleKeep customers, the report provides a comprehensive overview of ICHRA trends, answering critical questions about its adoption and impact.

Insights from the reports include:

Detailed insights into the industries and company sizes most likely to adopt ICHRA as a health benefit
A look at which states are leading the way in ICHRA uptake
The percentage of employers using ICHRA to meet the Affordable Care Act's employer mandate
How average ICHRA participation compares to traditional group health insurance policies
Typical allowance amounts employers provide to employees for health insurance
How groups leverage an ICHRA's flexibility to select a variety of individual policies
Insights into the types of policies employees select, including on-exchange vs. off-exchange options and metal tier breakdowns

Since its launch in 2020, ICHRA adoption has accelerated as businesses recognize its ability to reduce costs while empowering employees to choose personalized health coverage. Unlike traditional group plans, which tie employees to a one-size-fits-all policy, ICHRA allows employers to offer defined contributions toward health insurance while giving employees the freedom to select plans that meet their needs.

"Increasingly, employers are turning to ICHRA for its flexibility and affordability in the face of rising group health insurance costs," Austin Lehman, CEO of Remodel Health, said. "This report highlights how businesses across industries and geographies are leveraging ICHRA to deliver better health benefits for their teams."

The 2024 ICHRA Report is available now at remodelhealth.com/ichra-report-2024.

About Remodel Health
Remodel Health is the expert guide for employers and brokers navigating the complexities of transitioning to ICHRA. With nearly a decade of experience in the individual health benefits space, our proprietary software and licensed health benefits experts deliver tailored solutions for businesses with 100 to 10,000 employees. Committed to best-in-class customer service, we provide hands-on support throughout the process, ensuring successful implementation and long-term success. Learn more about how we transform health benefits at remodelhealth.com.

About PeopleKeep
PeopleKeep specializes in helping small and midsize businesses offer affordable, flexible health benefits through the ICHRA and qualified small employer HRA (QSEHRA). By focusing on expanding access to coverage for employees often overlooked by traditional employer-sponsored plans due to cost and complexity, PeopleKeep empowers small employers to thrive. With easy-to-use software, automated compliance, and a seamless employee experience, PeopleKeep is committed to simplifying benefits administration and making health coverage more accessible.

SOURCE Remodel Health