On Thursday, September 10th, at 10 am, Grand County employers are invited to learn how Peak Health Alliance is introducing a whole new way for businesses of any size to be able to offer health insurance to their employees in 2021. ICHRAs (pronounced ‘ICK-rah’) enable an employer to contribute a set amount to their employee’s health insurance premiums—tax-free!
Businesses of any size can offer plans with more savings, cost control, and choice than traditional group plans. Employers decide the amount they wish to contribute, to full-time or part-time employees, while the employee gets to shop for and choose any individual marketplace plan that fits their and their family’s needs.
This helps keep cost controls in place for the employer, while the employee gets the security of a comprehensive health insurance plan with the flexibility and choice that traditional group plans simply do not offer.
Learn more during the Webinar presented by Peak Health Alliance on Zoom on Thursday, September 10th at 10 am.
Benefits of ICHRA:
- Increased affordability for employers
- Employers get access to lower individual market rates
- In Colorado, individual market plans are 15% – 20% lower than small group plans
- Employers get recruitment and retention benefit of offering insurance coverage
- Employers set eligibility and contribution strategies
This is a fantastic benefit for a small business owner who can now offer health insurance as a recruitment and retention tool to both full time and part-time or seasonal workers. Businesses can determine the amount of the contribution, then the employee will use the individual marketplace to find a plan that fits their budget and situation best.
With an ICHRA, employers keep control of the cost, and employees get the choice and flexibility that a traditional group plan can’t offer—no more force-fitting everyone into a single group plan! Plus, employers can create groups of employees, within certain criteria, and offer different amounts to different types of employees. Employees can add dependents, and choose among the comprehensive, ACA-compliant plans available in the individual marketplace.
Today, some employers already contribute extra money for health insurance. But that is taxed as income. Not with an ICHRA. That, along with the potential to save significantly over the cost of a traditional group plan, is why we expect ICHRA plans to be very popular with the business community.
Peak Health Alliance is a unique, community-based initiative that’s helping lower the cost of healthcare in Western Colorado. With the use of strong healthcare data and the purchasing power of an entire community, Peak successfully lowered insurance premiums by about 20% in Summit County. Similar savings from this innovative purchasing alliance model will be available for Grand County residents and businesses with coverage through Peak’s selected carrier, Bright Health, effective 1/1/21. Peak Health Alliance ensures that residents and small businesses in each community have a voice and a seat at the table when seeking better health outcomes for individuals and families at lower cost.