Willis Towers Watson introduces suite of services in support of ICHRAs — individual coverage health reimbursement arrangements

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[{"type":"text","content":"Health care cost uncertainty is diminished for employers offering defined contribution HRAs; employees can shop for plans on the individual market with white glove service from Willis Towers Watson\nARLINGTON, Va., Feb. 04, 2020 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced today that they now offer individual coverage health reimbursement arrangement (ICHRA) solutions to existing and new employer clients through their employee Health Benefits Consulting and Administration businesses. Since 2006, Willis Towers Watson has partnered with over 100 health insurance carriers, guiding millions of people to find and enroll in individual health insurance coverage.\n “Since the final health reimbursement arrangement (HRA) rule last June, companies were given a potentially game-changing way to provide health care coverage to their populations that could become the 401(k) of health insurance,” said John Barkett, senior director, Policy Affairs, Willis Towers Watson. “Employers that want to forgo the ongoing exercise of managing plan design, carriers, networks and formularies can now meet their employees’ diverse needs and improve the predictability of annual health care costs for their business. The ICHRA model might be the perfect option for companies committed to keeping the long-standing, employer-sponsored health care tradition but want to swap the one-size-fits-all group health insurance plan for a more personalized, defined contribution approach.” In this new type of health insurance coverage, employees choose where their benefit dollars are spent by purchasing their preferred plan on the individual market and receiving a reimbursement through an employer-sponsored HRA. Willis Towers Watson helps employers decide if an ICHRA is right for their organization by: Financial opportunity analysis. Running the numbers to compare the cost of individual insurance for employees to the cost of the current group health planIndividual insurance market assessment. Assessing the key markets where employees reside to understand the range of available health insurance optionsProgram strategy and design. Leveraging Willis Towers Watson’s individual market experience and employee benefit expertise to develop an ICHRA solution that matches the workforce’s needs In addition, W...

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