The EB Toolkit is developed for benefits brokers to help them prospect ICHRA business and consult clients.
EB Toolkit Product Features
ICHRA Modeling Tool - The modeling tool contains the following:
Ability to compare group insurance costs to multiple plans on the individual market for any number of employees and dependents at once. Done by market.
Develop 5 different contribution models and apply those models to current enrollment to compare employer costs.
Model employer savings – Employers may choose to keep some of the savings if the individual market is favorable. Our modeling tool can change employer contributions, calculate employer savings, calculate the impact on employees by person, and recalculate the affordability.
Affordability testing based on contribution models. We also do a reverse affordability test for those clients where incomes are not available. We calculate the lowest pay by age to meet the minimum affordability.
Employee cost impact analysis - Identify cost by employee relative to various chosen plans.
Calculate average age by gender.
ACA Rating to Actuary Rating Model – This calculates the current actual risk based on true actuarial values by age and gender to the more arbitrary rating factors for the individual market that are set through the ACA. ACA rates have arbitrarily lower costs for older people and higher rates for younger people relative to true costs.
Ability to summarize costs across States.
Real-time Rating Website
We provide brokers a branded web page that can be sent out to employers and they can get a quote in real-time that compares their group costs to 3 plans on the individual market in real-time.
The 5500 database includes the most recent Health and Welfare 5500 and Schedule A data submitted to the IRS by employers throughout the 50 states. The data is searchable and exportable. Included will be some queries to identify the employers that fit the requirements as the most ICHRA ready as determined by N4one HR and Benefits, LLC