As employers' health care premiums rise to the tune of 8.5% for 2024, HR professionals and benefits consultants are exploring alternatives to group coverage. The first stop for many companies feeling the full weight of that increase – which is nearly double what it was from 2022 to 2023 – is to consider moving from fully insured plans to a self-funded strategy. 

While transitioning a company to a self-funded model can show some initial cost savings, it's not always a silver bullet for employers in the long run. For many organizations, an individual coverage health reimbursement arrangement (ICHRA) is the better solution. Below, we explore how ICHRAs can pick up where self-funding leaves off. 

First, let's break down the key differences between the two health insurance options.   

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