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A century old company
saved 40% on benefits?
“It was beneficial for everybody, really. So from that standpoint,
we thought it was just a good fit for our company.”
ICHRA means Individual Coverage Health Reimbursement Arrangement. It’s a new type of Health Reimbursement Arrangement (HRA) created in 2020. It allows businesses of any size to provide tax-free reimbursements to employees for health insurance premiums and qualified medical expenses.
In most cases, an employer works with a third party (broker and/or ICHRA administration platform) to design and implement their company’s ICHRA. Employees can then buy an individual health plan on the open market and get tax-free reimbursements for premiums and medical costs.
Employers of any size can offer an ICHRA as long as they have at least one employee who isn’t a self-employed owner or the spouse of one. If designed correctly, it satisfies the Affordable Care Act (ACA) employer mandate for Applicable Large Employers (ALEs).
Yes. If designed correctly, ICHRA satisfies the ACA employer mandate for Applicable Large Employers (ALEs). To confirm eligibility, employers can refer to IRS ICHRA regulations or consult a tax professional.
Yes, but not to the same employee group. Employers can offer ICHRA to one class of employees and traditional group insurance to another.
Historically, HRAs were offered as a tax-advantaged supplement to traditional group insurance. ICHRAs, however, allow for tax-free reimbursements toward individual insurance premiums as well as medical expenses.
QSEHRAs are for businesses with fewer than 50 employees and have limits on contribution amounts. ICHRAs have no such contribution limits and can be offered by companies of any size.
No. There are no limitations to how much an employer can contribute under ICHRA.
Yes. Employers can allow reimbursements for both health insurance premiums and other qualified medical expenses.
If an employee is offered an affordable ICHRA, they’re not eligible for federal premium tax credits. However, if the ICHRA is deemed unaffordable, employees may be eligible to claim tax credits.
While not legally required, many employers choose to work with a third-party administrator (TPA) to handle reimbursements and compliance efficiently.
Footnotes
Corvia Health Medical coverage is underwritten by Corvia Health Insurance Company and its affiliates.
Administrative Services for all plans provided by Corvia Health Management Corporation.
All insurance policies and group benefit plans contain exclusions and limitations.
For availability, costs, and complete details of coverage, contact Corvia Health at
+13016734981.
