Since their introduction in 2020, individual-coverage health reimbursement accounts (ICHRAs) have been drawing increased attention from employers. According to the HRA Council, offerings of ICHRAs grew 171% between 2022 and 2023. While initially appealing to smaller employers who wanted an affordable health benefits option for their workers, increasing health care costs have also spurred larger employers to look to ICHRAs.
Beyond the cost, ICHRAs appeal to both employers and employees because of the added flexibility they offer. Rather than choose from a pre-determined selection of health plans, employees have more freedom to pick a health insurance plan that meets their individual needs — one that they can keep even if they leave their jobs. Employers with remote workers or a distributed workforce can tailor the benefits based on their employees' geographic location. There's also the option to extend benefits to part-time or seasonal workers.
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
