The rise in ICHRAs should help reverse the decline in small-employer health care offerings by offering employers another way to provide their workers with health benefits.( Photo: Shutterstock)
Starting in January, businesses have a new way to provide health coverage for their employees. Called an Individual Coverage HRA (ICHRA), this health reimbursement model will benefit hundreds of thousands of businesses and millions of workers.
Employers in some cities face more conducive conditions that make ICHRAs a better deal for their employees. According to research findings by Vericred and Take Command Health, Minneapolis, Los Angeles, Providence, Boston and Philadelphia top the list for cities with market conditions that will likely lead ICHRAs to be more successful. The analysis compared the top 50 metro areas in the country for individual plan affordability, individual premium cost relative to the cost of a small group plan, availability of a broader set of plans, insurer competition, and the premium trajectories.
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