ICHRAs allow for more predictable, more controlled health benefit costs – employers can set costs in advance and know exactly what to expect in a given plan year. (Photo: Shutterstock)
The spiraling cost of healthcare continually challenges employers to provide higher-quality, more affordable health benefits to their employees – this year perhaps more than ever due to COVID-19. The good news? A new benefits option entered the market in early 2020 that can help. Individual coverage health reimbursement arrangement (ICHRA) allow employers to control costs and give employees more flexibility in their coverage.
According to the Departments of Labor, Health and Human Services, and Treasury, once adjusted to the newly expanded health reimbursement arrangement (HRA) rules, roughly 800,000 employers will offer an ICHRA to pay for more than 11 million employees and their families – signaling significant interest and upcoming demand.
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