May 12, 2021, 11:06 ET
SALT LAKE CITY, May 12, 2021 /PRNewswire/ -- PeopleKeep, the first company to bring an individual coverage HRA (ICHRA) to market and leading HRA administration software provider, has released the first installment of a two-part report on the ICHRA.
Part one details the most popular ICHRA use cases and the primary factors that will lead to greater adoption. The report uses a mixture of PeopleKeep's proprietary product data, industry data, and opinions from thought leaders in the employee benefits and health insurance space to explain shifts in the current employee health benefits landscape and predict how—and how much—ICHRA will be used in the future.
"We wanted to better understand why current ICHRA adopters have been drawn to the benefit and learn what factors will impact future adoption" says Victoria Hodgkins, CEO of PeopleKeep. "We learned that organizations—regardless of size—want a way to more effectively control their costs, which they simply can't do with a group health insurance plan, and employees want more say in the plans they're offered. The ICHRA checks all those boxes."
Carriers like Aetna and Cigna are already committed to reentering the individual market or expanding their reach. With more than 800,000 employers and 11 million employees projected to participate in an ICHRA over the next few years, the new benefit would help bolster the individual market and increase carrier competition even further. The increased competition is expected to drive premiums down and increase innovation in plan design, both of which would be big wins for the end consumer.
PeopleKeep helps organizations thrive by taking care of their employees with hassle-free health benefits. As the leader in HRA administration software and the first company to offer an ICHRA, PeopleKeep has learned a lot about what the thousands of employers who use our software want: a seamless employee experience, easy-to-use software, and automated compliance.
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