INDIVIDUAL COVERAGE HEALTH REIMBURSEMENT ACCOUNT (ICHRA)
Client: NH Assisted Living Facility
Enrolled Employees: 150
Current State:
- Facing over a 30% increase in fully insured renewal rates
- Claims experience was 140% MLR with over 10 high-cost claimants – all ongoing
- Employer already had the highest deductible and copay plans available in the market
Costs to employer and employee, employee satisfaction
CGI’s Solution
CGI’s turnkey ICHRA solution provided a smooth transition to individual insurance
- Employer’s overall costs were reduced by 27% off current costs (57% difference from renewal!)
- Employees were able to choose a plan and carrier that worked best for their needs
- Some employees qualified for tax credits and subsidies through the government
- As a result of the savings, the employer was able to add additional benefits to enhance employee satisfaction
