Individual Coverage Health Reimbursement Arrangements (ICHRA)
ICHRA's are a new way to provide employee healthcare benefits by allowing an employer to pay (or reimburse) employees for Individual & Family Healthcare policies. It is a flexible program that empowers employees to choose healthcare coverage that best suits their individual needs.
We have been providing ICHRA advisory services since its introduction in 2020. Some key benefits to ICHRA are:
- Customization: Employees can select plans that best align with their specific needs, preferences and budgets.
- Flexibility: Employees can choose from a much wider range of health insurance options instead of just one or two plans.
- Cost-Effectiveness: Typically, employers see a cost savings by having a defined contribution amount as opposed to contributing towards a specific healthcare plans.
- Tax Advantages: Contributions to an ICHRA plan are tax-deductible for an employer and tax-free for an employee.
- Simplified Adminstration: By using MediLink Insurance to support your ICHRA needs, you will have a completely hands off approach to managing your employee healthcare benefits. MediLink Insurance handles the design, implementation, enrollment and ongoing support of your ICHRA. In addition, we can also work with your current employee benefits broker so it is a win - win for everyone.
Want to find out more? Contact us to learn more about how ICHRA can help you offer competitive benefits while providing cost savings at the same time.