ICHRA (“ik-rah”):  Individual Coverage Health Reimbursement Arrangement, is quickly becoming one of the hottest “alternative” group insurance solutions in the country.  Some experts predict that by the end of this year, enrollments will reach the 2 million lives mark, more than tripling last year’s production.  Although Michigan has been slow to react to this new approach, due to the historical low cost of group insurance rates (compared to other states), there has been a significant amount of interest and engagement over the past few months due to high rate increases across the state. 

BPI has been tracking the ICHRA “experiment” over the past few years – always looking ahead to see how we can better serve our brokers and carriers here in Michigan.  We’ve been very blessed to have had the opportunity to team up with a variety of world class ICHRA platforms to provide solutions that meet a variety of customer needs. 

Like all new, innovative solutions, there are always several key questions that are top of mind:

What makes an ICHRA different?

What are the advantages of an ICHRA?

Who can offer an ICHRA and who can participate?

What are the employer requirements when offering an ICHRA?

What are the employees’ responsibilities when offering an ICHRA?

What are the keys to a successful transition and implementation?

What are the trends / where is ICHRA going?

Speaker:

Dean Ferris is the Director of Emerging Markets and Individual Medical Services at Benefit Profiles Inc.  He has spent over twenty-five years in the insurance industry and has been involved with ICHRA from its inception.  Previously he served as the Director of Mergers and Acquisitions with the Cason Group – a premier ICHRA TPA and as the C.E.O. at Grotenhuis/T.G.G. Solutions.