Market analysis: Nine months in, Individual Coverage HRA signups continue to climb
"With open enrollment here, many businesses are evaluating their options for benefits, searching for flexible and budget-friendly options," shares
Key findings include:Â
- Our clients have reimbursed millions in benefits in the first nine months of offering an ICHRA
- Clients ranged in size from 1-151 eligible employees
- Percentage of employers reimbursing for medical expenses and premiums: 60%; Premiums only: 40%
- Employers scaled rates across an average of one to five classes. 26% of classes included workers outside of geographical areas (i.e., remote workers)
California ,Texas ,Florida ,Pennsylvania , andNew York in ICHRA signups, thanks to their strong individual markets.Â- Professional services, nonprofits/churches, tech companies, and healthcare providers/services lead in signups.
- 58% of employees participate in their ICHRA benefit, which is in line with the national average for employer-sponsored group coverage participation.Â
- Average reimbursement rates:
$749.93 for singles,$847.20 for couples, and$931.95 for families. - Recent client survey found that 1 in 5 clients who responded are women-owned businesses, 1 in 10 are veteran owned businesses, and 1 in 13 are minority-owned businesses.
- Survey respondents rated budget control and flexibility at the top of their list for ICHRA benefits.Â
"Despite the uncertainty that we've all faced these past few months, we've seen signups for Individual Coverage HRAs climb steadily and double since January," adds Hooper. "Carriers are returning to the individual market and individual premium prices are stabilizingâcritical factors in the success of this new HRA."
About
Contact:Â
Amy SkinnerÂ
Take Command HealthÂ
214-224-0990 x132
[email protected]Â
View original content:http://www.prnewswire.com/news-releases/market-analysis-nine-months-in-individual-coverage-hra-signups-continue-to-climb-301163369.html
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