What is ICHRA?
(Individual Coverage Health Reimbursement Arrangement)
It's a simple way for employers to reimburse health insurance costs.
It is an employer-funded health benefit that allows businesses of any size to provide tax-free reimbursements to employees for their individual health insurance premiums and other qualified medical expenses, thus giving more choice and flexibility for the employees and the employer.
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FAQs
What is an ICHRA?
An ICHRA lets employers reimburse employees tax-free for individual health insurance.
Who can offer ICHRA?
Any size employer can offer an ICHRA, and employees can use it with marketplace or Medicare plans.
What benefits does ICHRA provide?
Employers gain budget control and flexibility; employees enjoy personalized, tax-free reimbursements and plan choice.
How does ICHRA work?
Employees pick a plan, submit proof, and get reimbursed up to the employer’s set allowance.
How is ICHRA different?
It offers more flexibility and no minimum participation compared to traditional group plans.
What should employers consider for compliance?
Employers need a formal plan document, follow legal rules, and ensure non-discrimination in offering ICHRA.
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Steve@SteveSaundersIns.com