Individual Coverage Health Reimbursement Arrangement is the newest standalone HRA that enables employers of all sizes to reimburse their employees tax-free for health insurance premiums and medical expenses. ICHRA is a game-changer for employers looking to provide a more modern model of employer-sponsored health insurance.
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Advantages Over Traditional Group Plans
● HRA insurance gives employers greater ability to control costs.
● It provides employees with more options from which to choose.
● It takes the burden of managing a health plan and underlying health risks off the employer.
● There are no hassles with renewals, participation rates, doctor networks or annual premium increases.
● The employer decides which employees qualify, sets monthly allowances and can get back to managing his or her business.