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The adoption of individual coverage health reimbursement arrangements (ICHRAs) by U.S. employers increased by 64% from 2022 to 2023.
"Many employers have found that ICHRAs offer more autonomy for employees and budget control for employers than traditional group plans," according to a new report from PeopleKeep. "With it, organizations of all sizes can offer a defined monthly allowance for employees to spend on the individual health insurance plans and out-of-pocket medical expenses of their choosing, including prescription drugs, doctor visits, glasses and more."
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