Savings for Employers. Health Insurance Coverage for Employees.

Individual Coverage HRAs (ICHRA)

An Individual Coverage HRA (ICHRA) may be a perfect solution for employers looking to contain benefit costs or groups who currently do not offer any coverage. ICHRAs allow employers to maintain coverage options as well as attract and retain employees.

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What is an ICHRA?

  • Allows Employers to Reimburse Employees
  • Covers Cost of Health Insurance Policies
  • Includes Medical, Dental, and Vision Expenses (Pre-Tax)

Who Should Consider an ICHRA?

  • Employers of All Sizes
  • Groups Currently Offering No Coverage
  • Employers with Poor Claims Experience
  • Employers Looking for More Flexibility in Coverage Options
  • Groups Having Trouble Meeting Employer Mandate (Avoid ACA Penalties)
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How Does It Work?

Employer decides which employees are eligible for enrollment and establishes a monthly reimbursement allowance

Employees select a plan, paying for individual health insurance and any out-of-pocket expenses

Employees submit premium and eligible out-of-pocket expenses for reimbursement

Employer reimburses employees on a tax-free basis, up to the reimbursement limits

The Advantages of an ICHRA

For Employers

  • Cost Savings
  • Attract & Keep Great Employees
  • Capped Spending & Budget Control
  • Eliminates Renewal & Participation Concerns
  • 100% Mandate Compliant

For Employees

  • Multiple Plan & Premium Options
  • Contributions are Tax-Free
  • Health Insurance is Portable
  • FSA & HSA Compatible

Learn More About ICHRAs Webinar Video

Learn more about ICHRAs and how My Benefit Advisor can help guide you through all of your employee benefits and insurance needs.

Agenda

  • Is an ICHRA right for your company?
  • How to determine a fair monthly contribution amount per employee
  • Other medical expenses that can also be included
  • How reimbursement is paid
  • How MBA helps employees choose and purchase their plan

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My Benefit Advisor can help you understand ICHRAs and if one makes sense for you, how it could benefit your business, and answer any questions you may have.

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This information is designed to highlight various employee benefit matters of general interest to our readers. It is not intended to interpret laws or regulations, or to address specific client situations. You should not act or rely on any information contained herein without seeking the advice of an attorney or tax professional.

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