Individual Coverage HRAs (or ICHRA, pronounced “ick-ruh”) are among the newest healthcare innovations, having just been released in January 2020. ICHRAs allow employers to give employees a budget to spend on healthcare rather than providing the insurance product itself. The Department of Labor projects 800,000+ employers will move away from traditional group plans and toward […]
There has been a lot of buzz around Individual Coverage HRAs (ICHRA) since they became available in 2020. Because the Individual Marketplace has continued to grow so significantly, many employers are excited by the possibility of providing better plan selection for their employees while still improving budget control. Understanding how these new HRAs work is […]
Individual Coverage HRAs (ICHRA) became available in January of 2020 and offer employers the ability to offer healthcare budgets instead of healthcare plans. This is beneficial for both employers and their employees, since an ICHRA allows individuals to choose their own healthcare plans. The Department of Labor projects that nearly 1 million employers will ditch […]
In January 2020, we saw the most significant development in health insurance take place since the Affordable Care Act. Individual Coverage HRAs—also called “ICHRA” (ick-ruh)—finally launched after 15 months of coordination between government agencies following a presidential executive order. Fundamentally, Individual Coverage HRAs allow employers to offer health benefits to their employees in the form […]
1 in 2 Americans have access to health insurance through an employer, accounting for 151,000 million people. 87% of all large and mid-sized employers offer only traditional group health plans. Though the scope is great, the options for both employers and employees have remained fairly limited. In January of 2020, a brand new method for […]