The ICHRA (Individual Coverage Health Reimbursement Arrangement) is a new insurance model for company healthcare. Employers offer tax-free stipends that employees can use to purchase their own individual health insurance plans, leading to greater choice for employees and fixed costs for employers.For Brokers & Advisors
It's clear that the future of work is flexible. The number of freelancers and contractors in the US has grown rapidly over the past decade, as Americans embrace new ways of working independently. In this new world of flexible work, many are questioning the fundamental relationship between salaried, full-time employment and health insurance. Independents need new healthcare options outside of traditional employer-based group coverage, and Savvy has partnered with Substack, the leading platform for independent writers online, to experiment with a different model that enables their users to access health insurance: non-employee benefits.
Non-employee benefits are a way for businesses to help nearly anyone get access to health insurance coverage. Instead of providing a company health plan, which typically only works for full-time employees, companies can use Savvy to directly connect their users or freelancer workers with health insurance providers. Savvy then helps these individuals select, enroll in, and navigate their health insurance on an ongoing basis, and participating companies can elect to offer a stipend to help their independents pay for health insurance.
Savvy is committed to exploring new ways for businesses to make healthcare available to the non-employee individuals they value and rely on. That’s why Savvy has partnered with Substack to experiment with this innovative new benefits model.
Writers use the Substack platform to publish their original content in newsletters and build an audience of paying subscribers. The goal of Substack is to support the independence of creators who can publish without limitation. But independent writers — particularly in the United States — often have trouble obtaining health insurance. With non-employee benefits, Substack can better serve its users, addressing a major problem for writers without changing the fundamental model of its platform.
We love that Substack is committed to offering new options to independent writers and publishers to stay self-sustaining and healthy. We are excited to work with Substack on piloting this new healthcare initiative. With Savvy, the writer stays the boss, choosing health plans that make most sense for their personal needs and connecting directly with insurers. Along with affordable, quality healthcare, writers will have access to our streamlined enrollment experience and year-round customer support.
Interested in exploring non-employee health benefits for your business? Get in touch with our team to explore your options.