First-of-its-kind resource decodes the tax-advantaged tool about to stir up group insurance market
First-of-its-kind resource decodes the tax-advantaged tool about to stir up group insurance market
DALLAS, June 13, 2019 /PRNewswire/ -- Take Command Health, a market leader in qualified small employer HRA administration and an advocate for tax-friendly benefits solutions, just released a free, first-of-its-kind guide on a new kind of HRA slated to shake up the group benefits market in January 2020. The upcoming Individual Coverage HRA (ICHRA), a result of impending healthcare policy shifts aimed at bringing accessibility and flexibility to the HRA market, will change the game when it comes to group benefits—and Take Command Health is poised to lead the charge.
“This new HRA is going to be a game-changer, especially for employers that are tired of absorbing so much healthcare risk for their employees,” shares Take Command Health CEO, Jack Hooper. “The days of employer-based, one-size-fits-all group plans with creeping costs are numbered.”
In addition to bringing greater flexibility, affordability, personalized plan choice, and tax efficiency, ICHRA also effectively shifts the risk model. For employers with 50+ employees, whether they’re currently self-insured or fully-insured, they’re effectively responsible for their employees’ healthcare spend. Some employers are figuring out how to manage costs effectively: they’re invested in wellness programs, engaged in high-performance network design, and interested in helping employees with chronic conditions effectively manage costs. Other employers would rather not try to manage employee healthcare spend. Their best option will be the ICHRA, where they can still offer benefits with fixed costs and no risk to manage. In other words, ICHRA allows employers to get out of the insurance risk game.
“While the finalized rules have yet to be released, it’s no secret that greater access for HRAs has bipartisan support and a bright future,” adds Hooper. “The momentum for ICHRA is already building and we are leveraging all that we’ve learned from our successful QSEHRA administration experience to prepare a simple, intuitive platform and easy-to-use consumer tools for this next iteration.”
About Take Command Health
Take Command Health launched five years ago with the goal of bringing awareness, advocacy, and transparency to the confusing world of health insurance. Take Command Health is at the forefront of this issue, a recognized leader in QSEHRA administration and small business HRA tax strategy, with customers in every state.
Contact:
Amy Skinner
Take Command Health
405.919.0845
amy@takecommandhealth.com
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SOURCE Take Command Health
