X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Budget sheet ICHRAs allow for more predictable, more controlled health benefit costs – employers can set costs in advance and know exactly what to expect in a given plan year. (Photo: Shutterstock)

The spiraling cost of healthcare continually challenges employers to provide higher-quality, more affordable health benefits to their employees – this year perhaps more than ever due to COVID-19. The good news? A new benefits option entered the market in early 2020 that can help. Individual coverage health reimbursement arrangement (ICHRA) allow employers to control costs and give employees more flexibility in their coverage.

According to the Departments of Labor, Health and Human Services, and Treasury, once adjusted to the newly expanded health reimbursement arrangement (HRA) rules, roughly 800,000 employers will offer an ICHRA to pay for more than 11 million employees and their families – signaling significant interest and upcoming demand.

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.