Remodel’s ICHRA plans are said to offer predictable annual benefits costs and deliver average savings of 30% for the companies. Credit: izzuanroslan/Shutterstock.

Remodel Health, which offers individual coverage health reimbursement arrangement (ICHRA) plans for insurance brokers, has garnered more than $100m from Oak HC/FT and Hercules Capital. 

Aided by the latest growth financing, Remodel aims to accelerate its national expansion.  

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Remodel offers a tech platform for ICHRA plans, helping employers and employees with services such as plan creation and administration, and automated quoting. 

Since shifting focus from group to individual health insurance in 2015, Remodel has been in the ICHRA market.  

The company acquired PeopleKeep in early 2024, allowing it to offer products tailored for small, medium and large employers. 

Remodel’s ICHRA plans are said to offer predictable annual benefits costs and deliver average savings of 30% for the companies. 

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Over the past year, it has collaborated with insurance brokers and agencies to extend the reach of ICHRA plans across the US, leading to an 11-fold increase in broker-led ICHRA bookings year-on-year. 

Introduced in 2020 as an alternative to traditional group health insurance, ICHRA provides employers with flexible contribution options and offers employees personalised benefit options. 

Remodel CEO Austin Lehman said: “We are now seeing it begin to come to fruition. The Oak team have been great dreamers with us and have great connections in the insurance payer space to accelerate growth and help increase access to medical care and resource organisations with missions that matter.” 

Oak HC/FT co-founder and managing partner Andrew Adams said: “We are honoured that the Remodel team chose to partner with us and cannot wait to support them in their efforts to build out the ICHRA market for employers and brokers across the US.”