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Taking my first group and implementing the HRA approach.
The group has over 60+ full time employees. Only 30+ on the group health plan. So putting the HRA contribution in place it will be interesting to see what traction we get on the Individual plans.
Most of the group is under 35F. I am expecting about 20 people to get approved on the Individual health plan.
This will erode the group plan but it's in a death spiral right now.
I think this will be the future approach to group health plans under 50 and maybe even under 100 lives.
I have estimated when I compare the comps to both approaches they are about equal the 1st year. The 2nd year it is over 50% drop in comp vs the PMPM. That is tough to swallow but I think it could be the future of small group benefits.
It is very hard to justify this approach long term.
I am open to hear what strategies other group brokers are embracing?
The group has over 60+ full time employees. Only 30+ on the group health plan. So putting the HRA contribution in place it will be interesting to see what traction we get on the Individual plans.
Most of the group is under 35F. I am expecting about 20 people to get approved on the Individual health plan.
This will erode the group plan but it's in a death spiral right now.
I think this will be the future approach to group health plans under 50 and maybe even under 100 lives.
I have estimated when I compare the comps to both approaches they are about equal the 1st year. The 2nd year it is over 50% drop in comp vs the PMPM. That is tough to swallow but I think it could be the future of small group benefits.
It is very hard to justify this approach long term.
I am open to hear what strategies other group brokers are embracing?