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Wednesday July 28th, 2021 11:27PM

More Employers Opt Out of Traditional Group Health Plans

By The Associated Press

DALTON, Ga.--(BUSINESS WIRE)--Jul 21, 2021--

In the face of rising health care costs, more employers in Georgia are moving away from offering group health insurance plans and are saving up to 15% in the process. Contributing to this trend is the introduction of ndividual overage ealth eimbursement rrangements (ICHRAs), a new type of health reimbursement arrangement that helps control employee health care costs and offers more flexibility.

This press release features multimedia. View the full release here:

ICHRAs (pronounced IK-rahs) became available in January 2020 through changes in IRS regulations that allow employers subject to Affordable Care Act requirements to reimburse employees tax-free dollars for the health plans of their choosing. A that 15% of surveyed employers concerned about budget constraints intend to adopt ICHRAs in 2022 and beyond 1.

A second major driver behind the trend is new tools and technology that are easing the transition to this new health care solution. Digital platforms such as HRASimple reduce the administrative burdens of managing a group health plan and assist companies in executing an ICHRA.

“We were spending more and more each year on group health insurance for our employees... and managing the budget for this benefit was becoming more of a hassle than a benefit,” says Julie Soekoro, CFO of Hamilton Health Care System in Dalton, GA. “HRASimple eliminated the angst of annual renewal increases... and stabilized my budget... on top of saving our organization over 7 million dollars in 2021, which saved a lot of jobs during the pandemic. For our organization, it was a genuine win-win for all involved.”

HRASimple is an ICHRA administrator with a powerful web-based platform that reduces the in-house burdens of managing a group health plan. HRASimple was one of the first in the nation to administer an ICHRA for an employer with more than 2,000 employees. HRASimple is a HealthOne Alliance, LLC company. HealthOne Alliance is a founding member of the HRA Council (HRACouncil.org).

1 Willis Towers Watson. “Employers Express Interest in Individual Coverage Reimbursement Arrangements.”

View source version on businesswire.com:

CONTACT: Tom Pitcherella

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: OTHER HEALTH SOFTWARE GENERAL HEALTH PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SMALL BUSINESS OTHER PROFESSIONAL SERVICES INSURANCE HUMAN RESOURCES OTHER TECHNOLOGY HEALTH

SOURCE: HRASimple

Copyright Business Wire 2021.

PUB: 07/21/2021 08:00 AM/DISC: 07/21/2021 08:01 AM

http://www.businesswire.com/news/home/20210721005287/en

  • Associated Categories: Associated Press (AP), AP Business, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Industries, AP Business - Health Care
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