Return to work means return to benefits
COVID-19 has unmistakably changed the way we view just about everything, from transportation to sporting events to work. As furloughed employees begin returning to work in some states and businesses begin to reopen their doors, many employees will be looking to come off COBRA, bringing an added expense to employers who may already be struggling to replace lost revenue.
Which brings us to ICHRA and way to set a budget for benefits, and stick to that budget now and into the future.
With ICHRA, employers define their contribution to employees' health benefits, give employees the opportunity to "shop" for benefits amongst their local carriers and plans, and pre-tax the premiums. Further, the plans are portable, so no longer must employees be worried about their benefits plan being tied to their place of employment.
COVID-19 has brought about an opportunity for much change, should employers look at this as an opportunity to reset, restart and refocus, benefit plans may be a part of that, and we feel the ICHRA will provide a means for better employee benefits now and into the future.
"Freedom of choice at a stabilized cost"