Issue link: https://nebusinessmedia.uberflip.com/i/1530740
P R O F E S S I O N A L S E R V I C E S In 2023, we interviewed people across Connecticut asking them if they would accept a job if it didn't offer health insurance. The answer was, and still is, a resounding no. Attracting and retaining quality employees is critical for small business owners. At the same time, offering health insurance benefits can be challenging, as small group insurance rates continue to increase year after year. This has a big impact on our state. According to the U.S. Administration Office of Advocacy, 99.4% of Connecticut businesses are small businesses and employ 47% of the state's workforce. At Access Health CT (AHCT), our mission is to decrease the rate of the uninsured, improve the quality of healthcare and reduce health disparities. As part of that important work, we are announcing a different way for business owners to offer health coverage to their employees, as well as reduce costs and provide more flexibility in selecting a plan. Previously, employers had limited plan choices, which were a one-size-fits-all solution for an employee base that was not one size. And with rates increasing annually, employers were faced with offering expensive options or nothing at all. As small business owners continue to innovate to meet their customers' needs, they also need an innovative solution to keep their businesses and employees competitive and healthy. Now we can highlight a solution that best fits everyone—and our new platform makes it simple. Over the past several months, we have developed a platform to help brokers and employers administer Individual Coverage Health Reimbursement Arrangements, also known as ICHRAs. This platform is the first ever to be fully developed by a state-based marketplace. It is currently in the pilot phase, where it will undergo user testing and refinement. Introduced by the federal government in 2019, an ICHRA is a type of health benefit where employers can provide employees with pretax dollars to help cover their health insurance premiums and qualified medical expenses. With an ICHRA, employees can shop, compare and enroll in one of the 22 Qualified Health Plan (QHP) options offered through AHCT's individual marketplace. Putting more money in the employer's and employee's wallets With an ICHRA, employers set a monthly contribution amount for employees. Employees use those funds to purchase a health insurance plan through AHCT that best fits their needs. This offers employers a way to remain competitive while decreasing costs and offering more health coverage options for their employees. And with the employer's contributions, employees will benefit from lower costs and the freedom to choose health coverage based on their needs. We are thrilled to roll out this new platform for employers to offer ICHRAs to their employees as we continue our work of reducing the uninsured rate in our state. We look forward to officially launching the platform in July 2025 and sharing more in the coming months. James Michel Chief Executive Officer, Access Health CT Access Health CT expanding access to healthcare options for Connecticut businesses