Brandy Burch, CEO and founder of benefitbay, joins Dennis to discuss Individual Coverage Health Reimbursement Arrangements (ICHRAs). Brandy shares her expertise on the evolution of the ICHRA market, strategic considerations for brokers, and the importance of a comprehensive technology platform for successful ICHRA implementation.
Listen in as we discuss how to go from a defensive ICHRA strategy to playing offense to better serve employer clients.
Show Notes (generated using AI)
- Brandy's Background and benefitbay (2:00): Brandy discusses her background in accounting and finance and her extensive experience purchasing benefits for businesses. This experience led her to found benefitbay, a SaaS technology platform designed to address the complexities of ICHRAs. benefitbay focuses on partnering with brokers to provide them with the tools they need to be successful in the ICHRA market.
- ICHRA Overview and Evolution (6:30): Brandy provides an overview of ICHRAs and their evolution since their introduction in 2020 under the Trump administration. She explains how ICHRAs allow employers to offer pre-tax benefits to employees who purchase individual health insurance plans. The discussion also covers the initial slow adoption by brokers and their shift towards more offensive strategies as employers express interest in ICHRAs
- Broker Strategies and the Role of Technology (10:00): The conversation shifts to the importance of brokers in the ICHRA market and the value they bring to employers. Brandy emphasizes the need for brokers to have comprehensive technology platforms that can help them quote, enroll, and administer ICHRAs efficiently. She also highlights the importance of integrating ancillary and voluntary benefits into the ICHRA platform to provide a holistic benefits solution for employers.
- Market Trends and Drivers for ICHRA Adoption (18:00): Brandy analyzes market trends in ICHRA adoption, noting the significant growth in the average group size adopting ICHRAs. She discusses the key drivers behind this adoption, including employee choice, cost savings, and the need to address the unique needs of diverse workforces and geographically dispersed employees. She also highlights the impact of M&A activity and the challenges faced by healthcare organizations with limited network plans.
- Positioning ICHRAs in the Benefits Landscape (26:00): The discussion focuses on where ICHRAs fit within the broader spectrum of employer-sponsored health insurance options. Brandy advises brokers to position ICHRAs as part of a comprehensive benefits strategy that includes fully insured, self-funded, and alternative financing arrangements. She stresses the importance of having the right tools and partners to effectively present ICHRA options to employers.
- benefitbay's Value Proposition (33:00): Brandy outlines benefitbay's value proposition for brokers, emphasizing their focus on the mid-to-large group market and their commitment to broker partnerships. She encourages brokers to proactively explore ICHRAs and utilize benefitbay's platform to stay ahead of market trends and meet the evolving needs of their clients.
