The newer generation of people you’re trying to recruit and retain want more choices and more say in selecting the benefits that fit them best.
A game changer
ICHRA stands for an Individual Coverage Health Reimbursement Arrangement.
- ICHRAs emerged in 2020
- The HRA funding mechanism reimburses employees with pretax money for qualified individual health plan premium expenses
- A defined employer contribution and extensive employee choice are its hallmarks
- It’s like a 401(k) plan, but for health insurance
“Thanks to ICHRAs, employee benefits’ role in retention has recently taken a giant leap forward by helping employers be more strategic about funding the cost of employee benefits while giving employees more plan choices and flexibility than they’ve had in a long time…. Who’s a good candidate, and what are the advantages?” MORE >>
