InsureOne Benefits Leverages ECHO Health's Premium Payment Manager to Deliver ICHRA Offering that Works Like a Traditional Benefits Plan
WESTLAKE, Ohio — October 19, 2021 — ECHO Health announced its first partnership for Premium Payment Manager (PPM), the company’s new automated payment solution for Individual Coverage Health Reimbursement Arrangements (ICHRAs). Following early employer ICHRA adoption and savings, health insurance consulting company InsureOne Benefits, an Oswald company, has fully integrated PPM into its ezICHRA™ solution to solve ICHRA’s administrative burdens.
“On average, our clients are saving about 20% when they switch from a traditional group health insurance plan offering to an ICHRA, and that’s not accounting for savings related to typical annual rate increases of 10-15% in the traditional group health market,” said Frank Spinelli, Managing Director at InsureOne Benefits. “The majority of companies who implemented an ICHRA in 2020, renewed their plan with the exact same employer costs in 2021.”
InsureOne Benefits’ ezICHRA solution helps employers plan their ICHRA offering by defining contribution limits and employee eligibility requirements aligned with their culture and budget. With the guidance from the ezICHRA enrollment team, employees can select a plan from the individual marketplace that fits their own needs.
“After launching ezICHRA, and seeing employers' cost-savings, we knew the upfront premium payment and reimbursement process was not sustainable,” said Spinelli. “With more than 100 employers enrolled through ezICHRA, the addition of PPM makes it the most complete ICHRA offering in the market, addressing plan design, education and enrollment, and, now, administration.”
PPM enables ezICHRA to manage the last piece of the process; monthly premium and request reimbursements. PPM simplifies ICHRA reimbursement with payment automation, managing the administration of employee premium payments and reimbursement without any additional employee burden.
“ezICHRA’s integration with PPM delivers an ICHRA offering that works just like a traditional health benefits plan,” said John Lombardi, Executive Director of ICHRA Payment Solutions at ECHO Health. “To see employers renewing and paying exactly what they paid in 2020 in 2021 solidifies that ICHRA is the most significant change to healthcare benefits in decades.”
To learn more about ECHO’s ICHRA reimbursement solution, visit premiumpaymentmanager.com or to learn more about InsureOne’s ICHRA offering, visit ezichra.com.
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