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How Does it work?
What is an Ichra
ICHRA or Individual Covered Health Reinbusment Arrangment is a way to provide Health Coverage to your employees and save your company money. This new group health insurance makes it affordable for companies who otherwise could not afford to provide benefits. This is also available to companies of any size.
ICHRA allows a company to set aside tax free funds for the employees. These arrangments are Catagorized as "group health insurance" so the laws of traditional group health insurance still apply.
How do you Use it?
Employees are organized into to groups. There are 11 Different catagories you can assign to groups of individuals in the company. Example: Hourly, Salary, Part time, Full Time. You control the allowance of each group when the arrangement is designed. When it comes time to reimburse the employee they submit a "Claim" usually a receipt or proof of billing from an individual Health Plan. If the claim is accepted the reimbursement of non taxed benefit is issued to the employee.
Who runs the Plan?
The company itself. There are legal documents that have to be in place that we can produce for you and help you design. There are notices the employee is required to receive. An Administrator at the company is assigned to receive claims and has the ability to explain the plan.
Benefits of an ICHRA
You will be in control of what you spend on Health Insurance for your employees. There will be no yearly rate increases from a large Health Insurance Company. Employees have choices when it comes to their individual Health Inusurance.
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