ICHRA HEALTHCARE ADMINISTRATION

Milliman ICHRA Benefit Solutions

A new way to buy health insurance using ICHRAs

Bavvy®

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THE CHALLENGE

Managing healthcare costs and rising medical trends

Healthcare costs have increased rapidly, creating a significant financial burden on employers. Healthcare benefits are essential to attracting and retaining employees in this highly competitive job market. However, traditional group insurance plans can be expensive and inflexible, leading to cost escalation and reduced employee satisfaction.

The Solution

An alternate employer-sponsored benefit program

Bavvy makes it easier for employers to implement and manage Individual Coverage Health Reimbursement Arrangements (ICHRAs) by enabling them to provide tax-free funds to employees to purchase individual health insurance policies. Bavvy starts with customized actuarial consulting services to evaluate feasibility and ensure regulatory compliance. It also includes a web application that facilitates employees’ selection, purchase, and payment of individual policies.

BENEFITS

Bavvy Benefits

Reduce cost and manage budgets

Eliminate claims risk and cost unpredictability with a defined-contribution approach.

Customize contributions

Use our consulting insights to ensure contributions are affordable based on employer mandates. With no contribution maximum, you can determine what works best for you.

Eliminate participation requirements

Offer health insurance without participation-related restrictions associated with traditional group coverage.

Offer choice and flexibility

Empower employees to make benefit decisions based on their financial needs and their carrier, network, and provider preferences, helping to improve satisfaction and retention.

FEATURES

Bavvy key features

ICHRA feasibility analysis

Get a custom report including comprehensive actuarial-based calculations to determine the financial feasibility of an ICHRA arrangement for your organization.

Strategic consulting

Work directly with an ICHRA expert to determine if this solution fits your organization.

Best-in-class banking with payroll deduction

Use ACH and payroll deduction for tax-free contributions and eliminate the burden of reimbursement for employees.

Licensed enrollment support

Give employees access to licensed health insurance agents for additional support, education, and guidance throughout the shopping and enrollment process.

Dedicated account managers

Ensure successful implementation using a dedicated team of experts and an array of education materials designed to help various stakeholders through the process.

Quick & easy shopping

Compare plan offerings from various marketplaces for a smooth, efficient shopping and purchasing experience.

INSIGHT

Related insight

Article

Leveraging ICHRA for employer groups

With greater participation of carriers and networks, the ACA individual marketplace is now a viable solution for employer health plans, especially with ICHRAs.

Read the article