Even if you offer multiple health insurance plans, trying to address the diverse needs of employees can seem impossible. Budgeting for unpredictable group rate renewal increases can be equally challenging. An innovative alternative like individual coverage health reimbursement arrangements (ICHRAs) could be the solution.

ICHRAs flip how employers offer health insurance. Instead of trying to accommodate all employees with a few plans, employers can offer ICHRAs to defined classes of employees. That provides more freedom and flexibility to employees while stabilizing costs for employers and allowing them to offer coverage to employees that otherwise wouldn't be feasible.

In the right situation and with the right partner, ICHRAs can offer advantages and cost savings over other options, including multiple carriers and networks, expanded plan designs, copays and deductibles, and a more predictable budgeting process. Here's how and when ICHRAs work for your organization.