WHAT YOU NEED TO KNOW ABOUT ICHRAs
The Individual Coverage Health Reimbursement Agreement, pronounced Ick-Ra, is a great way to offer health insurance benefits to your employees.
- ICHRA is a way for employers to incorporate “individual health insurance” into your employer-sponsored health plan.
- ICHRA offers employees a choice of the top local health insurance carriers in their areas.
- Each employee (rather than the employer) selects the plan that fits, not the employer.
- Employees can choose from major carriers, such as Blue Cross Blue Shield, Aetna, Cigna, United Healthcare, Humana, Bright Health, Ambetter, Oscar, Kaiser and more.
Employers save time and money with ICHRA
- ICHRA is less expensive than traditional health insurance.
- ICHRA saves 5% to 55% depending on the region of the U.S.
- There is no need for expensive benefits administration software.
- Employers simply decide how much to contribute to their employees' health insurance and when do they want the coverage to start.
- Renewals are easy. Employees can keep the plans they selected or shop for a new carrier and plan each year.
ICHRA is like the 401k of health insurance. You determine how much you want to contribute to benefits for your employees and that’s it.
- Employers spend much less time managing their employee benefits programs.
- Contact us to see a live demo at firstname.lastname@example.org