Individual Coverage Health Reimbursement Arrangements (ICHRA)
What is an ICHRA?
An Individual Coverage Health Reimbursement Arrangement (ICHRA) provides employers with a modern way to offer health benefits—without sponsoring a traditional group health plan. Instead, employers can define an allowance, enabling employees to select individual health coverage that best fits their needs.
ICHRA may be a strong solution for employers who:
- Are offering benefits for the first time
- Want more predictable health benefit costs
- Have experienced challenges with traditional group plans
- Need flexibility to support a diverse workforce
- Prefer a more modern, employee-driven benefits approach
What Sets ICHRA Apart
Is an ICHRA Right for Your Business?
Consider whether an ICHRA could be a good fit if any of the following apply:
- You are interested in offering benefits but are unsure where to start
- You want more control over health insurance costs
- You are navigating participation requirements with traditional group plans
- You are exploring potential cost savings opportunities
- You have employees who prefer to choose their own health plans
If any of these scenarios resonate, an agent can help evaluate whether an ICHRA is an appropriate solution for your business.