MADISON – Wisconsin Manufacturers & Commerce (WMC), the state’s combined chamber of commerce and manufacturers’ association, has announced a new partnership to offer discounted Individual Coverage Health Reimbursement Arrangement (ICHRA) plans to its members through a partnership with Diversified Benefit Services (Diversified), a Wisconsin-based, industry-leading third-party administrator.
WMC Insurance, the for-profit subsidiary of the combined chamber and manufacturers’ association, understood that in today’s age, traditional group health plans often don’t make financial sense for Wisconsin companies, and therefore set out to establish offerings that provide employers and their employees the flexibility to choose health coverage that best suits their needs. That effort resulted in an exciting new partnership with Diversified, offering WMC members ICHRA plans.
“We’re proud to partner with WMC (Insurance) to deliver our next generation ICHRA solution designed to meet the evolving needs of Wisconsin employers,” said Tim Pederson, Founder/President of Diversified Benefit Services. “For more than 35 years, Diversified has been helping organizations navigate the complexities of employee benefits with a compliance focused, service driven approach.
ICHRAs enable employers of any size to allocate funds that employees can access tax-free to reimburse the costs of individual health insurance coverage. The ICHRA may also cover Medicare premiums, as well as out-of-pocket medical, dental, and vision expenses, should the employer deem these expenses eligible under the plan.
“This partnership with Diversified is a game-changer for our members,” said WMC Insurance Senior Director Robert Baker. “By offering discounted ICHRA plans, we’re empowering Wisconsin businesses with a flexible, cost-effective solution that meets the diverse needs of today’s workforce. It’s an exciting step forward in helping employers take control of their healthcare strategy while supporting their employees with more personalized coverage options.”
The new offering will provide WMC members with a five percent discount on the standard Diversified monthly administration fee for ICHRA Administrative Services.
“At WMC, we always strive to innovate and offer our members the best, cutting-edge products and services,” said WMC President & CEO Kurt Bauer. “We are beyond excited to partner with Diversified to provide our members with a more flexible benefit strategy suited and tailored to their individual needs.”
ICHRAs provide employers and employees with a flexible, ACA-compliant and tax-advantaged health benefit solution that helps businesses control costs while enhancing their ability to attract and retain top talent.
Businesses interested in learning more about the WMC Insurance-Diversified Benefit Services partnership and about the new ICHRA offering should visit here.
