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Health Plans and ICHRA in Sioux Falls, SD

Health insurance options have evolved — but not everyone knows about it.  Besides traditional major medical plans, there are now innovative approaches to group health plans that offer unique plan design, more support and better cost predictability.   

At Midwest Supplemental Partners, we help small and midsize businesses discover new options that are designed to provide more flexibility, control, and value.  Employees and Employers across Sioux Falls, South Dakota have an opportunity to better meet needs and budget — a win-win.

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What Is ICHRA?

An Individual Coverage Health Reimbursement Arrangement (ICHRA) helps employers better control their healthcare spending and reduce administrative burden, while giving employees more choice and personalization with their health benefits.

With ICHRA, employers offer tax-advantaged contributions that employees use to buy coverage on the individual market — giving both the Employer and Employee more freedom and stability.  

Key Benefits:

  • Cost predictability for Employers' budget

  • Choice & flexibility for Employees to meet individual needs
     
  • Ability to tailor options increases Employee retention & attraction

  • Controlled spending, contributions and risk

  • Streamlined adminstration & reduced compliance efforts for Employer

 

 

What Are Alternative Health Plan Options?

Level-funded solutions that give employers the advantages of cost savings and control of self-funding, alongside the stability and support of a trusted partner.

Plan options include:

  • Copay plans
  • HSA-plans — High-Deductible Health Plans (HDHPs) that offer
    lower premiums with potential tax advantages.
  • Comfort plans — Our Comfort plans provide no-cost access to many
    common services.
  • Custom plan mixes — Tailored offerings under one group.

Every plan also include:

  • National provider networks, including Aetna or Cigna Healthcare®,
    or regional networks upon request
  • Pharmacy benefits
  • Virtual health and wellness services through Teladoc and Sword Thrive
  • Transparent claims reporting and ongoing plan performance insights

Who Is ICHRA A Good Fit For?

Group health insurance has been the only model in the employer-provided benefits space for 80 years.  It's constraints, complexity, and costs often disenfranchised small businesses and left others with tragic premium increases year over year.  The flexibility offered by ICHRAs can make it possible for an employer who wants to offer employee health benefits.

ICHRA can be the answer for:

  • Groups with consistently high or sizable renewals
  • Employers seeking to lower or manage costs while expanding options for employees
  • Groups that experience high employee turnover
  • Small to midsize employers
  • Groups new to offering benefits
  • Groups that have employees in multiple geographic locations
  • Groups having trouble meeting participation requirements
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Alternative Health Plan Solutions

Midwest Supplemental Partners presents strategic solutions designed to support your business in elevating employee benefits to retain and attract the best talent. Alternative health plans (non-traditional) are a way to gain cost saving options, increase plan options, use creative plan design for health improvement, enhance affordability and give employees freedom of choice.

ICHRA - Marketplace advantaged medical

We strategically work with ICHRA (Individual Coverage Health Reimbursement Arrangement), as it enables employers to control benefit spend while empowering employee choice.

SD - 2-3 carriers with 51 plans available
MN - 4 carriers with 55 plans available
IA - 5 carriers with 44 plans available

  • Plan options and offerings
    - Plan customization for contribution strategy that fits budget
    - Employee class grouping options

  • Risk / Claims Management
    - Reduced risk exposure; risk shifts off of employer
    - Removes stop-loss risk, PBM’s, hidden Aggregate contracts

  • Employee retention
    - Employee choices; opportunity for more carriers, more plan options, enhanced products, lower cost premiums

  • Administration
     - Reduced compliance complexity & administrative time

Level-funded health plans

Zero-cost coverage of most common healthcare services.

Unlike traditional health plans, which are designed to provide coverage when things go wrong, level-funded health plans are
designed to offer benefits that help keep people healthy year-round.

How?  By providing no-cost coverage on most common healthcare services when accessed in a clinic or doctor’s office.

Combination options

Strategically offer multiple options to meet the needs of your budget, overall goals, and employee needs.

Hybrid group + ICHRA packages —
Combine traditional plans with
ICHRA under one roof.

ICHRA paired with Comfort®
can be a great hybrid solution for a
segmented employee base. For example,
an employer may offer a traditional group plan to full-time employees while offering ICHRA funds to their part-time staff.

Strategy Matterssmall Favicon transp-Midwest Supplemental Partners

Traditional major medical isn’t the only way, and now more than ever, there are more options available to employers.
Your business, your budget, and your employees deserve a fresh look.

Ready to explore your options?

Schedule a free consultation with Midwest Supplemental Partners to learn how ICHRA or alternative health plans could be an opportunity for your company.  

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