ICHRA: Are You Playing Offense or Defense? w/ Brandy Burch

Brandy Burch, CEO and founder of benefitbay, joins Dennis to discuss Individual Coverage Health Reimbursement Arrangements (ICHRAs). Brandy shares her expertise on the evolution of the ICHRA market, strategic considerations for brokers, and the importance of a comprehensive technology platform for successful ICHRA implementation.   Listen in as we discuss how to go from a defensive ICHRA strategy to playing offense to better serve employer clients.   Show Notes (generated using AI)   Brandy's Background and benefitbay (2:00): Brandy discusses her background in accounting and finance and her extensive experience purchasing benefits for businesses. This experience led her to found benefitbay, a SaaS technology platform designed to address the complexities of ICHRAs. benefitbay focuses on partnering with brokers to provide them with the tools they need to be successful in the ICHRA market. ICHRA Overview and Evolution (6:30): Brandy provides an overview of ICHRAs and their evolution since their introduction in 2020 under the Trump administration. She explains how ICHRAs allow employers to offer pre-tax benefits to employees who purchase individual health insurance plans. The discussion also covers the initial slow adoption by brokers and their shift towards more offensive strategies as employers express interest in ICHRAs Broker Strategies and the Role of Technology (10:00): The conversation shifts to the importance of brokers in the ICHRA market and the value they bring to employers. Brandy emphasizes the need for brokers to have comprehensive technology platforms that can help them quote, enroll, and administer ICHRAs efficiently. She also highlights the importance of integrating ancillary and voluntary benefits into the ICHRA platform to provide a holistic benefits solution for employers. Market Trends and Drivers for ICHRA Adoption (18:00): Brandy analyzes market trends in ICHRA adoption, noting the significant growth in the average group size adopting ICHRAs. She discusses the key drivers behind this adoption, including employee choice, cost savings, and the need to address the unique needs of diverse workforces and geographically dispersed employees. She also highlights the impact of M&A activity and the challenges faced by healthcare organizations with limited network plans. Positioning ICHRAs in the Benefits Landscape (26:00): The discussion focuses on where ICHRAs fit within the broader spectrum of employer-sponsored health insurance options. Brandy advises brokers to position ICHRAs as part of a comprehensive benefits strategy that includes fully insured, self-funded, and alternative financing arrangements. She stresses the importance of having the right tools and partners to effectively present ICHRA options to employers. benefitbay's Value Proposition (33:00): Brandy outlines benefitbay's value proposition for brokers, emphasizing their focus on the mid-to-large group market and their commitment to broker partnerships. She encourages brokers to proactively explore ICHRAs and utilize benefitbay's platform to stay ahead of market trends and meet the evolving needs of their clients.

Dennis chats with Ryan Koo, an Employee Benefits Consultant who specializes in working with digital health companies. Ryan has just returned from the HLTH conference and shares his recap of the conference as well as his view on the digital health space. Tune in to learn about how digital health companies should be thinking about the employer channel as well as the employee benefits consultant channel. Ryan also shares his view of what's most exciting for the future of digital health. Connect with Ryan on LinkedIn: https://www.linkedin.com/in/ryanmkoo/

Dennis Carlson and Benefits Influencer return with a recap of InsurTech Connect (ITC) with CEO & Co-Founder of Zoë Foundry, Garrett Viggers. Check out Zoë Foundry at www.zoefoundry.com Reach out at [email protected] Benefits Influencer is the #1 podcast for Employee Benefits Brokers and Advisors.  

Dennis chats with Ty Wang, Co-Founder & CEO of Angle Health. Angle Health wants to make health benefits more accessible by connecting vendors that handle different services like telehealth and health savings accounts on a single platform. That way, employers of all sizes can offer a similar stack to the benefits you’d expect from a Fortune 500, but tailored for small to medium-sized businesses. Ty Wang is the Co-Founder and CEO of Angle Health, the digital-first, fully-licensed health insurance platform. Before founding Angle Health in 2019, Ty was at Palantir, where he met his co-founder Anirban Gangopadhyay. Before moving into the tech space, he spent seven years working for the US Government in Field Operations and as Foreign Liaison Officer. He has a Bachelor’s degree in Electrical and Electronics Engineering, as well as a Bachelor’s in Systems Engineering, from Washington University in St. Louis. He splits his time between Salt Lake City and Denver. More info at https://www.anglehealth.com/ https://www.linkedin.com/in/tyw/  

Dennis welcomes SVP & Senior Partner at Burnham Benefits, Chris Krusiewicz back to the podcast. Chris has been tracking AI as it relates to healthcare and employee benefits for years and brings his latest insights to the benefits community. Chris and Dennis discuss AI and its impact on the employee benefits and healthcare industries today and what we can expect in the future. Check out Season 1 Episode 3 for the earlier interview we reference in this episode. Find Chris on LinkedIn here: https://www.linkedin.com/in/chriskrusiewicz/ Check out Burnham Benefits here: https://www.burnhambenefits.com/  

This episode originally aired in January 2020 Charles Specht from The Permission Group shares how Benefits Brokers who target a micro niche can grow a massive book of business and better serve their clients. Connect with Charles at [email protected]

This episode orginally aired in March 2022. Ned Schaut talks with Becky Patel, CEO at Amwins Connect, about mentorship. Becky has over 35 years of experience in this business and shares the importance of both having a mentor and being a mentor. During the conversation they focus on the need to be authentic and know your secret sauce in the business.

This episode orginally aired in July 2020. Dennis and Chesley discuss ways to make employee benefits communication meaningful, relevant and timely in order to drive value for employers and employees. Connect with Chesley: [email protected] http://intrepid7.com/

Dennis chats with Rachel Rutherford of ArmadaCare about Executive Benefits and how to position Executive Medical reimbursement to attract and retain top talent. Find Rachel on LinkedIn: https://www.linkedin.com/in/rachelgann/ Reach out at [email protected] visit https://armadacare.com/ for more info

Dennis chats with Spencer Smith about how benefits advisors can leverage social media to grow their pipeline and increase sales. Find Spencer on LinkedIn: https://www.linkedin.com/in/spencer-smith-self-funded/ Check out Spencer's podcast here: https://spencerharlansmith.com/ YouTube: https://www.youtube.com/c/SpencerSmithSelfFunded For more info on Plansight visit: https://www.plansight.com/