Individual Coverage Health Reimbursement Arrangements (ICHRA) off to a strong start in 2020!
February 17, 2020
A new way to offer insurance in 2020 is with an Individual Coverage Health Reimbursement Arrangement (ICHRA). ICHRAs are off to a strong start in 2020 and are gaining traction!
We announced ICHRAs at the 2019 Agent Seminar and they are now available to employee groups of any size and can provide a variety of affordable options. With ICHRA, employers offer monthly contributions that may be used to reimburse the cost of qualified individual insurance. (Plans may also be designed to cover eligible expenses.)
When ICHRA might be a good fit:
- Employers without group coverage who are looking to "attract and retain" in a tight labor market
- Employers with multiple classes of employees: full-time, part-time, seasonal, remote, etc.
- Employers who want to provide a benefit without managing ongoing changes and cost increases
What an ICHRA does for the employer:
- Defined contribution keeps costs sustainable
- Tax savings on contributions
- Greater flexibility
- Turnkey solution with AccrueHealth
Benefits of ICHRA for the employees:
- Multiple options to fit individual needs
- Budget friendly
- Potential tax savings
Do you have a group or prospect that ICHRA could be a fit for? Contact your Marketing Representative for more information.