Save your business with Flyte MEC

ICHRA Administration

The Most Significant Change to Your Health Care Benefits in Decades is Here

CHALLENGES FACING EMPLOYERS TODAY…

Health insurance costs are skyrocketing.

80%

Premiums have increased as much as 80% since 2014.

Group insurance isn’t meeting employee needs

50%

48% of employees stated they’re unhappy with limited benefits options.

The job market is VERY competitive.

Danger

New and existing employees are demanding a competitive benefits package that is tailored to their needs.

ICHRA Administration solves all of these problems

100%

The federal government provided a ruling called ICHRA which will bring stability, variety and savings to employers and employees.

ICHRA – Transforming Employee Benefits

For years, HRAs had been a popular solution for businesses who wanted to reimburse their employees’ individual health insurance. The Affordable Care Act (ACA) changed that, significantly limiting a business’ ability to offer HRAs for individual policies.

In 2017, President Trump issued an Executive Order directing the Departments of Treasury, Health and Human Services, and Labor to expand business’s use of HRAs once again. In June of 2019, new rules were released, establishing ICHRA as an option for 2020.

ICHRA is different than a traditional HRA for two reasons. First, an ICHRA can reimburse individual insurance premiums, whereas an HRA cannot. Second, an ICHRA works with individual insurance plans, while an HRA is traditionally integrated with a group health plan.

CLICK HERE for more detailed info on the ICHRA ruling.

Benefits of an ICHRA Plan

Employers can offer different levels of benefit per employee class.

ICHRA allows employees to choose health plans that are tailored to their specific needs, not one-size-fits-all plans.

ICHRA allows employers to take control of insurance spending, contributions, and risk.

ICHRA plans meet both mandates of Minimum Value and Affordability, protecting employers from hefty IRS penalties.

ICHRA helps employees pay for their individual health insurance premiums tax-free, not impacting their taxable income.

With a benefits administrator, ICHRA eliminates businesses working between insurance companies and employees.

No underwriting and no minimum participation required! Decide what your contribution is and make an offer. With Flyte HCM’s help, it’s that easy.

What can I expect with ICHRA Administration?

Guaranteed Coverage

That’s right! Individual coverage is guaranteed, even if your employees have preexisting conditions. Your employees cannot be denied coverage based on their health history and best yet, they will have access to a variety of insurance options to choose from.

No Minimum Participation

Flyte HCM’s ICHRA Administration does not require a minimum participation or contribution. As the employer, you have the power to choose what is best for your employees and your company.

Simple Administration

Flyte HCM offers the simplest and most cost-effective plan solutions available. Our seasoned team really knows their stuff when it comes to benefits administration, and they have put their best resources into ICHRA Administration.

Download our ICHRA Administration info sheet here.

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Contact our sales department to get started!

Our team can have a total ACA compliance program setup and running in as little as two weeks.
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