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Introducing ICHRA

Say goodbye to pricey group health insurance with yearly cost hikes. Say hello to an easier way to provide health coverage to all your employees—full-time, part-time, seasonal, and temporary. Manage your expenses while your employees stick with their trusted providers. It’s a win-win!

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How Does ICHRA Compare?

Change is good. But can also be scary. Feel good about your choice, knowing you are supporting your employees and empowering them to choose the health insurance  for them. Best of all? ICHRA meets your ACA requirements.

Category ICHRA Group QSEHRA
Employee Size Restrictions
No restrictions
X
No restrictions, very expensive for small employers
X
Only available to companies with fewer than 50 employees
Premium Costs
ACA premiums are slightly rising, following years of slight declines.
X
Employer-sponsored health increased 7% in the past year, with another price increase expected.
ACA premiums are slightly rising, following years of slight declines.
ICHRA/Employer Taxes
100% tax-deductible as ordinary business expenses, on both state and federal income taxes
100% tax-deductible as ordinary business expenses, on both state and federal income taxes
100% tax-deductible as ordinary business expenses, on both state and federal income taxes
Additional Medical Expenses
Employers determine what items on IRS Publication 502 they would like to reimburse
X
All medical expenses not covered by the insurance plan are paid for by the employee
Employers determine what items on IRS Publication 502 they would like to reimburse

Not All Plans Fit

Group health insurance might not suit everyone’s needs. It’s either expensive or hard to find a plan that covers everyone. With ICHRA, you can still offer health benefits, and your employees can choose a plan that suits them. But there’s more:

Increase Recruitment and Retention

With ICHRA, employees keep their trusted doctors without changing health plans, making it more attractive for top talent. New employees retain their existing health plans and receive a monthly benefit to cover costs. Current employees on a traditional group health plan can stay, while new hires can opt for ICHRA. It’s a smooth transition from group plans to ICHRA for the workforce.

Administration

ICHRA offers a big advantage with less administrative work. Managing health benefits is a heavy task, especially for smaller companies. Large ones have dedicated departments, while medium-sized ones often outsource it. For smaller organizations, this is a huge plus. They can provide competitive health benefits without dealing with the heavy administration of group plans.

Control Your Administrative Costs

ICHRA costs are fixed, removing your risk management worries. Employees have the freedom to decide how to use their health allowance. Annual premium hikes from traditional group health plans can be stressful for employers. But with ICHRA, the allowable reimbursement rates are set, never exceeding that number. Any unspent allowance goes back to you!

Start Enjoying the Benefits of ICHRA





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