Simplified Individual Coverage HRAs
Streamlined employee health benefit options for companies of any size.
Simplified Individual Coverage HRAs
Tailored Health Benefits for Every Business
ICHRA stands for Individual Coverage Health Reimbursement Arrangement. It is an alternative to traditional group health benefits that allows employers of any size to provide more flexible and cost-effective health benefits to their employees. With ICHRA, employees choose their own health insurance plans and get reimbursed for expenses.
- Cost Control: Set a fixed reimbursement budget, with no annual contribution limits.
- Tax Savings: Reimbursements are tax-deductible for businesses and tax-free for employees.
- More Plans: Allow employees to choose from many plans to select the one that works best for them.
Looking for an option for small businesses (less than 50 employees?) Check out
Simplify Administration with Benngi+
BENNGI+ is a simple, trusted, and compliant platform that revolutionizes the administration of Individual Coverage Health Reimbursement Arrangements (ICHRAs). It provides a seamless experience for brokers, HR representatives, employers, and employees.
Enhance Efficiency
Save time and reduce administrative burden with BENNGI+’s intuitive features and automation.
Streamline Enrollment
Employees can compare and enroll in health plans with AI tools to guide their personalized choices.
Ensure Compliance
Stay compliant with ACA, ERISA & IRA rules. Our platform is SOC2 & HIPAA-certified.
Get Ongoing Support
We handle premiums, onboarding/offboarding, compliance, and ongoing employee support.
ICHRA FAQ
Who can offer an ICHRA?
Employers of any size can offer an ICHRA. You must have at least one W-2 employee.
How does ICHRA work for my employees?
Employees receive a set monthly allowance that they can use to get reimbursed for qualified health insurance premiums and other eligible medical expenses. They select and enroll in individual health plans that fit their unique needs, rather than relying on a one-size-fits-all group plan.
Do I have to wait for open enrollment to switch to ICHRA?
No, you don't have to wait! Employers switching to ICHRA qualify for a Special Enrollment Period (SEP). Be sure to check the terms of your group plan if you're switching.
How can I make a smooth transition to ICHRA?
To ensure a smooth transition to ICHRA, it's essential to partner with a knowledgeable implementation provider like Benafica. We offer transparent, hands-on support to assist employers and employees with plan setup, communication, compliance, enrollment, and address any questions throughout the year. Our comprehensive approach ensures that all aspects of the ICHRA are managed effectively, providing a seamless experience for your organization.
Instead of Picking a Plan, Set a Budget
This strategy ensures greater equity across your workforce.
- Set a target coverage-level for your workforce (e.g. 75% of a Gold Plan)
- Each employee will have the same purchasing power.
- Contribution amounts will differ depending on employees age and work location. Why? Insurance costs vary based on age and location.
- Priority claims processing
- Additional employee benefits
- Premium customer support
This strategy can be simpler to understand but it can disadvantage older employees and those living in areas where insurance is more expensive.
- Set a flat dollar amount for all employees (e.g. $500)
- Each employee will receive the same dollar amount to buy health insurance.
- Priority claims processing
- Additional employee benefits
- Premium customer support
Client Stories
Hear from our satisfied clients about their experience