PRECISION HEALTH FINANCING™ VS. AN ICHRA-ONLY APPROACH
A whole new formula for employee benefits.
Precision Health Financing™ brings coverage, care, and funding together around the needs of each employee. CHOICE is one tool within a broader strategy to help employers spend smarter and give their people more meaningful options.
Choosing how to fund coverage is a start. Designing the whole program takes more.
An ICHRA can play an important role in a benefits program. Precision Health Financing considers where it fits, what other options belong alongside it, and how the combined investment serves employees.
Here, “ICHRA-only” describes a program focused on implementing that arrangement, rather than the full capabilities of every ICHRA provider.
| What’s Being Considered | An ICHRA-Only Approach | Precision Health Financing™ |
|---|---|---|
| Starting Point | How should we structure and administer an ICHRA? | What should this benefits budget accomplish for the business and its employees? |
| Program Design | Build around the selected funding arrangement. | Evaluate CHOICE alongside alternative coverages and other funding strategies. |
| Financial Picture | Focus on contributions and the costs associated with the arrangement. | Consider employer spending, employee coverage costs, and expected care expenses together. |
| Employee Decisions | Help employees select coverage within the arrangement. | Help employees understand how available options and dollars can address their broader needs. |
| Measure of Value | How effectively does the arrangement deliver its intended benefit? | How well does the combined program use the budget to support employees? |
Give every dollar a purpose. Help every employee understand their options.
Protect Against Major Costs
Evaluate coverage for significant healthcare expenses, including the tradeoffs between premiums, deductibles, and access to providers.
Plan for Everyday Needs
Consider the costs employees encounter through appointments, prescriptions, and other care when designing the overall program.
Guide Personal Decisions
Help employees weigh their options around their family situation, healthcare needs, and financial priorities, within the program’s available choices.
The right combination will vary. Precision Health Financing provides a framework for evaluating those choices together.
What could your benefits budget do differently?
Whether you already offer an ICHRA or are exploring a new approach, Enrichly can help you evaluate how coverage, care, and funding fit together.
