Why timing is everything when selecting business health insurance for enterprise
The benefits of ICRHA for enterprise are well established. Create a cost-controlled budget, save millions with Take Command Signature, retain key talent, and avoid turnover costs.
But it also takes time to learn about ICHRA as a health benefit. That’s where starting early comes in. Getting ahead of the ICHRA learning curve yields results that are well worth the effort.
Contact an ICHRA expert
In this blog, we walk through the benefits of starting early with an ICHRA:
ICHRA can outperform group plans but requires a shift in mindset
Enterprise ICHRA gives unmatched predictability and personalization
Evaluating business health insurance options and getting quotes is a big undertaking. While group health insurance is the old standby it’s also a status quo option that a lot of large employers are rejecting. When looking at health insurance options, ICHRA is worth considering.
When you adopt an ICHRA, CFOs can create a cost-controlled budget, avoid the volatility of group health insurance, and produce accurate forecasts. HR teams can retain key talent, avoid turnover costs, and offer the ultimate health insurance personalization. And ICHRA works for both fully insured and self-funded companies.
Onboarding ICHRA includes a learning curve
Going from a group to an ICHRA requires a shift in mindset for both employers and employees.
| Employers need to understand the inner workings of ICHRA, how it compares to group insurance, and the defined-contribution landscape as a whole. | Employees need to learn new terms and concepts. They might feel overwhelmed as they explore ICHRA, consider coverage options, and choose their own plans. The onboarding process can feel bumpy if you don’t have an experienced provider. |
The frontloaded effort is well worth it
At Take Command, we don’t pretend the transition is easy. But what we bring to the table is extensive experience and perspective. We have onboarded thousands of companies and can confidently walk you through each step, resulting in a successful ICHRA launch. We even have a tailored offering for enterprise clients: Signature by Take Command.
On top of the forecasting advantages and employee choice, enterprises are drawn to ICHRA for the savings. With a Take Command ICRHA, enterprise clients save about 20% in year one and realize compounded savings year over year.
With a Take Command ICRHA, enterprise clients save about 20% in year one and realize compounded savings year over year.
When you choose ICHRA, you put your business and your employees first. The frontloaded effort you put into a learning curve is an investment that results in massive cost reduction.
Sample ICHRA pricing for an enterprise company
Why it’s important to start ICHRA implementation early
Financial clarity
ICHRA plans are purchased from the ACA or state health marketplaces, where individual rates and plan availability are regularly adjusted. Evaluating ICHRA early gives you a clear-eyed view of the financial landscape before you make a commitment.
Early evaluation allows finance teams to model defined contribution strategies to see exactly how much the enterprise will save. Since the employer controls the budget, finance can accurately forecast as many years as they like.
The outcome: Starting your evaluation early allows the time you need for financial planning that leads to long-term returns.
Strategic compliance
Group health plans often stall out due to strict participation requirements (e.g., 70% of employees are required to sign up). ICHRA doesn’t have participation requirements, giving employers incredible flexibility, but setting up ICHRA employee classes takes careful legal planning and early compliance mapping.
ICHRA contributions must meet ACA affordability thresholds to avoid penalties. Calculating this accurately across multiple locations or employee classes needs to be done well in advance of plan start dates.
The outcome: Early planning gives you the breathing room to make the most of your ICHRA structure, budget, and employee satisfaction.
Smooth onboarding
The initial friction of implementing an ICHRA is typically employees’ reaction to change. They’re used to a group health plan and can be caught off guard if they’re being offered a health benefit that they’ve never heard of.
The upside to this hurdle is it’s completely avoidable. While there is a lot to implement with ICHRA, Take Command has an established path for success, including tools for internal communication.
The outcome: Getting ahead of the ICHRA learning curve results in effective change management and employee buy-in.
The Take Command advantage for ICHRA adoption
Take Command delivers the best employee insurance experience on a budget you control
We’ve been doing ICHRA since day one. We understand the challenges, and we have the experience and expertise to guide you step by step.
While you’re in the consideration phase, we consult on ICHRA structure, administration, and budget options. Once you’ve decided to implement, we guide you with set-up. And when it’s time for rollout, we’re still right by your side.
We have a custom process for enterprise clients
Our ICHRA for enterprise offering is called Signature, which has a dedicated path for planning, training, engagement, and launch.
| Planning | Training | Engagement | Launch |
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Open Enrollment Planning
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HR Team Training
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Education & Engagement
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Choice & Advocacy
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Take Command offers more of what you want
Committing to ICHRA onboarding with a trusted partner will yield significant financial returns. Our Signature offering is backed by a team of specialists and a passion for healthcare. When you choose Take Command as your ICHRA administrator, you get more of what you need to drive your enterprise business.
More Control: Maximum budget control
More Experience: We helped create ICHRA and start this movement
More Choice: Largest selection of insurance plans
More Heart: Unmatched support for your team
More Clients: Biggest large employer roster in the industry
Contact a Take Command expert and we'll help you build a personalized ICHRA to drive your business.
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Connect with a Take Command HRA expert, and we’ll walk you through everything you need to know about ICHRA for enterprise.
