An Individual Coverage HRA gives employers of any size a smarter way to offer health benefits.
ICHRA stands for Individual Coverage Health Reimbursement Arrangement. It is an alternative to traditional group health insurance that allows employers of any size to provide more flexible and cost-effective health benefits to their employees.
Unlike a traditional group health plan, an ICHRA doesn’t require your company to select, negotiate, or manage a single insurance policy on behalf of your workforce. Instead, you set a monthly allowance, and each employee uses it toward the plan that fits their own life.
Looking for a solution designed specifically for small businesses with fewer than 50
employees? A QSEHRA (Qualified Small Employer HRA) may be a better fit.
The employer decides how much to contribute each month toward each employee’s healthcare costs. (Amounts are based on local individual market plans.)
Employees select an individual health insurance plan that fits their needs. With ICHRA, employees can shop, compare and enroll in plans right on our BEN360 platform.
Once employees enroll, we process everything behind the scenes and set up their monthly payments—so coverage stays active and everything runs smoothly without extra work on your end.
It’s easy to manage all your day-to-day changes in BEN360. From new hires and terminations to qualifying life events, everything is handled in one place with reliable support, year-round.
BEN360 is Benafica’s in-house ICHRA administration platform, built specifically to handle the compliance, reimbursement, and reporting demands of a well-run ICHRA.
Employers of any size can offer an ICHRA. You must have at least one W-2 employee.
To ensure a smooth transition to ICHRA, it’s essential to partner with a knowledgeable administrator 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.
This strategy ensures greater equity across your workforce.
This strategy can be simpler to understand but it can disadvantage older employees and those living in areas where insurance is more expensive.
Talk to Benafica about setting up an ICHRA or QSEHRA for your business.
We’ll help you choose the right HRA type, design employee classes, and handle all the administration.
Call us at 651-287-3253 or fill out the form below.
