Rising Health Insurance Costs: How ICHRAs Can Help HR Professionals Improve Employee Compensation
September 25, 2024
Reef AC Ballroom
Rising health insurance costs are outpacing wage growth, leaving HR professionals grappling with shrinking total compensation packages for employees. Many have turned to such solutions as wellness programs and plan design adjustments, but these often fall short. In this session, we’ll explore why traditional approaches don’t solve the core issue and how ICHRAs (Individual Coverage Health Reimbursement Arrangements) introduce employee choice to restore balance. With ICHRAs, employees can select health plans that fit their needs and budgets, helping HR professionals regain control over rising costs. We’ll also discuss practical steps for transitioning to ICHRAs and how Remodel Health can support this transition.
Session Type
Breakout Session
Learning Objective 1
1) Understand why rising health insurance costs are reducing total employee compensation and creating challenges for HR professionals.
Learning Objective 2
2) Evaluate common solutions like wellness programs, plan design changes and self-insurance, and weigh their pros and cons.
Learning Objective 3
3) Learn how ICHRAs empower employees with choice and reduce cost pressures, and discover practical steps to successfully transition to this model.