It’s a great time for a fresh approach to employee benefits
In June of 2019 the Departments of Labor, Treasury and Health and Human Services released a ruling outlining a brand new and modern approach to health benefits. The ruling outlined a new Plan design called ICHRA, which stands for Individual Coverage HRA. As some may remember, prior to the enactment of the Affordable Care Act an employer was allowed to offer a reimbursement towards individual health insurance premium. Well, the ACA changed that dramatically by defining HRA as group plans which were required to meet minimum requirements. Needless to say there was a mad dash to get these HRAs integrated with a group health plan, but the HRAs designed to reimburse individual insurance premiums went by the wayside.
Not any more! Individual medical plans are eligible for reimbursement once again, through an ICHRA.
We have developed a site dedicated to all things ICHRA, so please head over there for more great content and for a deeper dive into what ICHRA is, and how it can be The Most Significant Change to Healthcare Benefits in Decades.
Is this right for you?
If you’re interested in the Health Choice Account and you’d like to learn about how you can offer this great benefit, we have an excellent resource for you to explore:
Flyte HCM is proud to deliver a true multi-account solution for the ICHRA. A single platform, a debit card, and mobile app designed to make the ICHRA/HCA experience seamless and easy. For employers, we provide a comprehensive, one-stop, compliant administration solution with in-depth reporting, and a single administrator.
For more information, give us a call today or email: Sales@FlyteHCM.com