ICHRA, I……C…..H…..R…..A, ICHRA!
Takes employers out of the health insurance business…………
An ICHRA allows employees to pick and choose individual health insurance plans. The employer can contribute to the cost of those plans. Employers can also offer ICHRAs alongside their group plan (certain restrictions apply) Plan options can also include Medicaid and Medicare.
Karnak The Great found one ICHRA administrator who has one of the best platforms he’s seen so far: ICHRASystems – Online Administration for ICHRA Group Plans
This is just one ICHRA administrator. Others include Willis Tower Watson in partnership with ADP. Command Health also offers ICHRA administration.
ICHRAs are becoming popular among employers struggling to contain out of control health plan costs. This defined contribution plan alternative solves their problem by limiting their costs.
Karnak The Great says “Imagine a system platform wherein an employee can log in, search for the right health care coverage for their specific needs, select other options such as dental, vision, disability, life insurance, etc., push a button and enroll. And HR can spend their time on other things.“
