What Is An ICHRA?
ICHRA stands for Individual Coverage Health Reimbursement Arrangement. As of January 1, 2020 federal regulation has expanded the usability of HRAs, providing employers with a whole new way of providing health insurance to their employees. Whether you’re looking for a cost-effective solution similar to your current healthcare arrangement, or a major shift to embrace all that is available with an ICHRA, BBG can work with you to meet your needs.
Benefits Of An ICHRA
While there are many details and compliance considerations, the creation of the ICHRA is a vital option for employers to consider. There are many mutual benefits for employees and employers that may make the change worth exploring:
- Potential to Reduce Costs
The average costs for an employer-provided health plan are continuing to rise faster than inflation. An ICHRA with BBG can reduce overall insurance costs for employers and employees alike. ICHRAs allow employers to establish a healthcare allowance per employee each year, and employees are free to choose a marketplace plan that best suits their needs.
- Expanded Choices for Employees
Traditional group insurance models require employers to select a one-size-fits-most plan and employees are limited to the options selected by their employer. With an ICHRA arrangement, employers can offer a range of choices and the employee (with our help) can select the plan and the insurance company that fits them best. Not only does the employee enjoy the freedom to select their best plan, but it eliminates the guesswork for employers about which plans will meet the needs of all, or most, employees.
- Fixed Contributions And Budgeting
Because ICHRAs allow employers to establish a healthcare allowance per employee, companies can confidently set their health plan budget year after year, despite rising rates and participation minimums for traditional group insurance models. Employers can provide quality, personalized insurance options without the challenging calculations required by a traditional group plan.
The BBG Difference
An ICHRA healthcare plan can provide a wide variety of options for employers and employees alike, but BBG can provide the best-in-class service needed to navigate your options with clarity.
We understand that changing your healthcare structure can be stressful. That’s why we’ve developed a proprietary tool to allow you to review a no-pressure confidential proposal from the comfort and quiet of your office. Our true apples-to-apples comparison will give you confidence in selecting the options that’s best for you from day one by providing us with just a few simple, easy-to-find answers.
- No Claims History
- No Health Forms
- No Information From Your Current Insurance Company or Broker
Contact us today and let us show you how the ICHRA can benefit you and your employees. We’ll start your hassle-free, confidential proposal and give you the tools you need to make the switch with confidence. Let our experienced team guide you through your options, the BBG way.