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With rising gas prices, hikes from the Federal Reserve, a generally slowing economy, and an increasingly higher-priced world, your clients are probably facing inflation and uncertainty from multiple fronts, not just health benefits. Today, as inflation hits a 40-year high, your clients are looking for ways to mitigate the damage, whether it’s streamlining and automating, minimizing overhead costs, analyzing profit margins or raising prices. Your role advising clients on their health insurance is a timely opportunity for you to help them contain inflation and minimize volatility when it comes to benefits spend. Remember, health insurance is now the second largest monthly expense for businesses, so the impact inflation has on the bottom line is further magnified.

Luckily, the individual coverage HRA (ICHRA) presents an opportunity for employers to take more control over their benefits spend. ICHRA allows them to set aside tax-advantaged dollars to reimburse their employees for individual health insurance plans that are inflation-resistant compared to group plan premiums. ICHRA brings more cost control and less risk for the employer and more purchasing power and choice for employees.

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