floridashores
New Member
- 13
Anyone currently looking to do this? If so, ideas on recovering lost commissions from group policy? Individual policies pay very low. Are we allowed to charge a fee? I would rather outsource the individual policy drama.
ICHRA and QSEHRA
- Thread starter floridashores
- Start date
jeff.j.miller
New Member
- 6
I'm doing it and having a horrible time in Michigan with NexBen, trying to make this thing work.
- 10,330
BCBS of SC pays the same I believe for small group vs. individual.
I was just speaking to someone about this today who is doing it successfully.
I was just speaking to someone about this today who is doing it successfully.
Jim Wright
Expert
- 77
We help facilitate a lot of ICHRAs and typically, the brokers charge a consulting fee. We make sure that at minimum the broker is making the same they were on the group plan. In a lot of cases, they can make more because the fees are based on per eligible instead of per enrolled. Although, there has to be enough savings for the group for that to make sense.
The Benefit Coach
Expert
- 37
Which TPA do you represent?
Jim Wright
Expert
- 77
We don't represent any TPAs. We have partnerships with a few and are always on the lookout for new ones that will add good value to the brokers we work with. There are 2 we use at the moment and are vetting more. We want to make sure the group and the broker have a solution that's right for them and every TPA works differently for each case.
The Benefit Coach
Expert
- 37
I've been trying to figure out how to incorporate ICHRAs into our practice and have come to the conclusion that some sort of consulting fee model is the only one that would make sense. At least for the broker. I'm based in Florida and it's simply not possible to be appointed with all of the carriers for individual.
Jim Wright
Expert
- 77
I would agree. As the process and TPA's get better, there is more opportunity for revenue share. One of the TPA's we work with allow us to share revenue however we like. It can be used for the cost of in person enrollment, add value to the broker consulting fee, reduce platform fees, etc.
I think the future is finding a way to minimize the cost to the group and maximize the value to the broker.
- Staff
- #9
- 1,571
Here are some of my thoughts, I see this as a big growing market [EXTERNAL LINK] - What is the ICHRA market and why is it growing? | Sam Melamed posted on the topic | LinkedIn
The Benefit Coach
Expert
- 37
You missed W3ll (yes, weird spelling), but many of those providers are new to me. I'll be checking them out. Thanks.
