ICHRA (pronounced ICK-rah) stands for Individual Coverage HRA – a federal program first introduced in late 2018. ICHRA helps organizations offer an alternative way to provide health insurance. Many employers are reaping savings in the 10-20% range.
Employers are turning to HRASimple to help them set up and administer their own ICHRA. In addition to financial savings, these organizations are reducing the time and hassle of choosing and managing a traditional group health insurance plan.
HRASimple lets employers fund individual employee accounts with tax-free dollars. In addition, the powerful, web-based platform helps employees choose the individual health plan that’s right for them and makes premium payments each month on their behalf. Employees use their tax-free funds to pay for qualified medical expenses.
According to Mark Mixer, CEO of HRASimple, “ICHRA is a powerful tool that employers should consider. HRASimple is helping organizations take full advantage of ICHRA benefits for employers and employees alike. It’s a win-win.”
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