Because ICHRA is a new concept for many employers, you must be able to quickly and effectively present the ICHRA concepts to your new and existing clients.
ICHRA Quote
Getting your Go/No Go quote is the first step in this process. Having real numbers to present to groups during renewal conversations is the best place to start. The FULCRUM tool allows you to get the necessary data to quote groups effectively. We encourage you to present an ICHRA quote in all your renewal conversations. Even if ICHRA isn't a financial fit this year, presenting clients with every option shows that you are on top of what's new and have exhausted every avenue to find them the best price for their insurance needs.
Value
It is important for your employers to understand the value that ICHRA can bring to each one of their employees and to the company as a whole.
- Financial Savings- With group renewal rates sky rocketing, ICHRA has not only become financially viable, it is often a company's best option. ICHRA can allow employers to offer rich benefits to their employees and at the same time, save money for the company. It will be easy for you to determine potential financial savings by using benefitbay's modeling tool, also known as the FULCRUM. Using the bar graph in the FULCRUM, employers can quickly and easily see the potential savings available to them. Additionally, the FULCRUM will present employee plan options to ensure the availability of comparable plans to what have previously been offered.
- Freedom of Choice - Employees enjoy the power of choice. With ICHRA, employees are empowered to choose the healthcare plan that is best suited for them and their family. The best way to demonstrate employee plan options with an employer is with a live demonstration using the FULCRUM. This tool allows you to view plan options and costs for each individual employee that was included on the census. Employers can use this information to focus on providing an equitable contribution to their employees.
- Gets Employers out of the Insurance Game - With personalized benefits, employers no longer need to make the decision of what group health insurance plan will work best for all of their employees. Instead, they can focus on providing an equitable contribution to their employees and then let the employees determine what plan is best for them. You as the agent will work with your employer clients to help them determine their health insurance benefit goals and customize a contribution strategy that will help them meet those goals. With a compliance safety net built into our modeling tool, you can be assured that your contribution strategies are ACA compliant.
Determine if ICHRA is a overall fit for the group
There are 4 key areas that we have found require detailed conversations with prospective clients to determine if ICHRA is a good fit for their company. We want you to bring on employer groups that will succeed in the using ICHRA and benefitbay®. While financial viability is the top priority, you should discuss all of the following questions to determine if ICHRA is a good overall fit for the company.
- Is it a financial fit? (This can be determined in the Go/No Go Analysis)
- Will employees have access to individual plans that have a similar tier level (e.g. gold, silver, bronze) to what is being offered in the group plan?
- Are the employees tech savvy? Can they work through the online enrollment process or will they need in person help?
- Does the employer have a Medicare population? (With ICHRA, 65+ must enroll in Medicare.)
- Is the employer's leadership team onboard with the decision to move forward with ICHRA? (CEO, CFO, HR, etc)
- Who from the employer team will:
- Manage the enrollment (e.g. approve the contribution, sign the ICHRA Agreement, communicate to employees about the move to ICHRA, etc.)?
- Manage the administrative tasks throughout the year (e.g. adding/terminating employee's, setting up SEP's, monitoring banking, etc.)?
- Who from the employer team will:
Presentation PDF
Here at benefitbay we want to set you up for success when quoting ICHRA. We have provided a downloadable presentation on the platform so you can easily generate your quotes and provide employers with helpful information about ICHRA.
To download the PDF presentation, simply go to the FULCRUM of the group you want to a presentation for. On the FULCRUM page, select the blue 'ICHRA Proposal' button to download a full ICHRA proposal. This proposal includes the quote for the current benchmark metal tier you've selected, helpful information about ICHRA, and details about benefitbay. To learn how to run a Go/No Go quote and access the FULCRUM click here.
How to Add Multiple Quotes on One Proposal
It may be beneficial to have a proposal with multiple quote sheets to show the cost difference between the different metal tiers. In order to generate multiple quotes, you will need download the ICHRA proposal each time you update the benchmark plan. We usually recommend downloading proposals for the LSP (Lowest Cost Silver Plan), the Bronze low, and the Gold low plans. Once you have all your proposals you are welcome to combine the PDF's so you have one complete proposal with multiple 'Premium Cost Analysis' pages.