The “Big, Beautiful Bill” approved by the U.S. House was going to make significant changes to ICHRA (Individual Consumer Health Reimbursement Arrangement). The law the President signed last week didn’t have any of these changes in it, so what does this mean for the future of ICHRA?
It would seem no change would mean status quo for ICHRA. Unfortunately, it’s not that simple, since something ICHRA interacts with did undergo significant changes from the “Big, Beautiful Bill.”
ACA Individual Marketplaces will have significant changes under the new law. The changes in Special Election Periods (SEPs), premium tax credit and cost sharing reduction (CSRs) eligibility, and verification processes are items ICHRA agents enrolling people on individual plans must familiarize themselves on 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 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.
- Increasing networking with small employers by joining community networking groups or local chambers of commerce.
Sebastian Alcantara, our ACA and ICHRA product specialist, is here to help you with any questions about how the ACA changes impacts ICHRA, and the opportunities they present to agents. Agility Producer Support is available at (866) 590-9771 or email support@enrollinsurance.com to answer any insurance questions. Agility can also add you to our free, weekly email list for tips and vital information!
