Over the past few decades, several alternatives to traditional group health insurance plans have emerged for employers who care about providing top insurance for employees and saving money for the organization. Business leaders and HR departments in various industries have sought new strategies in healthcare, such as the Individual Coverage Health Reimbursement Arrangement (ICHRA) and self-funded plans.
Your employees might not participate in your plan at all. Whether one of your employees has a spouse with another insurance plan and coverage or receives insurance through a government-based program, not all your employees depend on you to provide healthcare insurance.
There is another alternative to employer-led insurance plans for work: a health care sharing ministry (HCSM). While it is outside the parameters of your business and your employees’ health insurance needs, you might employ some people who participate in such a plan.
Let’s take a few moments to learn more about this unique alternative to a traditional health insurance strategy.