The “Big, Beautiful Bill” approved by the U.S. House would make significant changes to ICHRA (Individual Consumer Health Reimbursement Arrangement). The law the President signed last week didn’t include any of these changes. What does this mean for the future of ICHRA?
It would seem that no change would mean status quo for ICHRA. Unfortunately, it’s not that simple, as something ICHRA interacts with underwent significant changes under the “Big, Beautiful Bill.”
ACA Individual Marketplaces will have significant changes under the new law. The changes to Special Election Periods (SEPs), the premium tax credit, cost-sharing reduction (CSR) eligibility, and verification processes are items ICHRA agents enrolling people on individual plans must familiarize themselves with to avoid any coverage interruptions for their ICHRA clients. Opportunities may also include:
- Becoming the enrollment agent for the organizations currently using ICHRA arrangements.
- Increased ACA enrollment opportunities with employees using their employer’s ICHRA arrangement.
- Working with small employers to develop ICHRA arrangements that they can use to lower their outgoing health coverage costs.
- Finding Third-Party Administrators (TPA) experienced in ICHRA arrangements to partner with to assist in your small employer outreach.
- Increase networking with small employers by joining community networking groups or local chambers of commerce.
Mike Berglund, our ACA and ICHRA product specialist, is here to help with any questions about how ACA changes affect ICHRA and the opportunities they present for agents. Contact Mike through Agility Producer Support at (866) 590-9771 or email support@enrollinsurance.com to schedule a meeting or call with Mike or to get answers on any insurance questions. Agility can also add you to our free, weekly email list for tips and vital information!
