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If you are a current benefitbay customer or an employee of an existing customer, who needs assistance, please email support.
Complete the form and our team will reach out to you directly.
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Customized Health Coverage
ICHRA allows you to offer different levels of health coverage to different employee groups or individuals based on their needs. This flexibility enables employees to select the insurance plan that suits them best, promoting employee satisfaction.
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Cost Control
With ICHRA, your company can establish a fixed budget for healthcare expenses. Instead of offering a traditional group health insurance plan, you can provide a defined contribution towards employees' premiums or medical expenses. This approach can help control costs while still providing valuable health benefits.
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Tax Advantages
ICHRA offers tax advantages to both employers and employees. Contributions made by the employer are tax-deductible, and employees' reimbursements are generally not subject to income or payroll taxes. These tax benefits can help save money for both parties.
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Increased Employee Choice
By offering ICHRA, you provide employees with a wider range of health plan options. This empowers them to choose a plan that aligns with their specific healthcare needs and preferences. Increased choice can lead to higher employee satisfaction and engagement.
FAQs
Frequently Asked Questions
Frequently Asked Questions
What Is An ICHRA?
ICHRA stands for Individual Coverage Health Reimbursement Arrangement.
With an ICHRA Health Care Plan employees can choose the healthcare plan that best fits them and their families. It provides employees with much more flexibility and choice for their own health care needs and it provides employers with cost control and risk management.
Who can offer ICHRA?
Any size employer can offer ICHRA
Are there contribution Limits?
No. Employers can determine the contribution amount and there is no contribution limit.
If an employee leaves a company, do they keep their insurance plan?
Yes if employees leave your company, they can take their ICHRA coverage with them, ensuring continuity of health benefits.
Are employer contributions tax-deductible?
Contributions made by the employer are tax-deductible, and employees’ reimbursements are generally not subject to income or payroll taxes.