Insurance plan binder (Photo: Shutterstock)

Individual coverage HRAs or ICHRAs are an essential tool employers should include in their "benefits toolboxes." Rather than simply offering employees one or more group health plan options chosen by the employer, ICHRAs allow employers to contribute towards the cost of individual health coverage purchased by the employee. Just like a hammer in a traditional toolbox will not be used on every single task, an ICHRA will not always be the best "tool" for employers to use in their benefits strategies. However, like toolbox without a hammer, a benefits toolbox without an ICHRA may be missing opportunities.

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