The pain of rising healthcare costs is real and far reaching. According to the Kaiser Family Foundation, employer premium contributions increased 20% last year, while WTW estimates that 54% of groups expect that they will be over budget on healthcare spending in 2023. In addition, family premiums have risen 43% more than earnings (38%) and more than inflation (25%) in the past 10 years.
As employers work with their benefits adviser to identify options that will allow them to continue providing high-value coverage to employees without breaking the bank, individual coverage health reimbursement arrangements known as ICHRAs have emerged as a hot topic and potential solution.
