The ICHRA benefit option is peaking the interest of business owners and benefit professionals alike, and will continue to gain popularity as employers are looking for other options outside of traditional group insurance plan models.
ICHRA (Individual Coverage Health Reimbursement Arrangement) is an employer-funded, tax-advantaged health benefit that is used to reimburse employees for individual health plan premiums and healthcare expenses.It was finalized as a new regulation from the Departments of Treasury, Labor and Health and Human Services in June 2019, and became available on January 1, 2020.
There are three important components to a successful ICHRA plan:
- Compliance and Administration. This includes the necessary plan documents, plan design consulting, and ongoing tracking and administration.
- Delivery/Enrollment. Ensuring employees are able to successfully enroll in the individual plan they want is crucial, this is where technology can be used as an advantage. Flyte recommends the Healthchoice Private Exchange system to assist your clients in the shopping and enrollment experience. For more information visit Healthchoice.app.
- Insurance. No one knows your business better than you, and insurance can be intimidating for consumers. Armed with Healthchoice, you can instantly deliver all of the insurance options to your clients in one easy to use individual shopping tool. Employers are looking to you to facilitate the insurance component of the ICHRA benefits process.
Flyte HCM provides a supportive role for the insurance professional, handling the compliance and administration and providing the delivery tools needed for your clients to have a successful ICHRA plan.
Discover more about ICHRA administration at Flytehcm.com/ichra.
Read ICHRA FAQs, articles and more at Ichra.com.
Ready for private exchange solution to add to your tool belt? Learn more about the Healthchoice Private Exchange solution, request a demo, and sign up at Healthchoice.app.
Our HR & Benefit Pros are ready to help
Need assistance or have any questions about this communication? Our team of HR & Benefit Professionals are ready to help you. Give us a call today or email Support@FlyteHCM.com.