our intellicent approach on Individual Coverage Health Reimbursement Accounts
what the heck is an ICHRA?
have you explored the potential significant cost savings of using individual health insurance policies instead of group insurance for your employees’ health insurance needs?
just think about it...
Aren’t you tired of the annual “juggle” surrounding your company health insurance costs? Every year you either pay more, change carriers and plans, limit coverage, shift more cost to employees, or a combination thereof. None of these are long-term solutions. Instead of giving employees a “one-size-fits-all” plan or limited health insurance options, why not just give them money to buy the health coverage that they actually need and that fits their budget? And let them do it pre-tax through payroll.
Think about the approach you take with your retirement plan. You set a company contribution amount, put together a broad menu of fund choices, and then it is up to your employees. You can take this same approach with your company health insurance program, and intellicents can show you and your people how to do it in a tax-favored way within IRS guidelines.
it's called an
or an Individual Coverage Health Reimbursement Account, and it can result in significant health insurance premium savings for both your organization and your employees. The annual benefits for employers include…
you can base your contributions on employee class, including family situation and age
attraction & retention
employees can choose an individual health plan tailored to their specific needs and budget, and many are HSA eligible
cost, risk & control
you now take control of your health insurance spending, contributions, and risk. For many groups both big and small, individual health insurance policies may be significantly cheaper than your traditional group insurance approach.
ICHRA plans meet the standards for minimum essential coverage, minimum value, and affordability
your employer contributions are tax deductible, and your employees pay for their individual health insurance premiums pre-tax.
Through ICHRA you now have the potential to avoid the annual significant premium increases that many employers experience with their group health insurance programs. Just take a peek at a case study for one of our clients.