What is an ICHRA?
An ICHRA is an alternative to traditional health insurance that offers greater flexibility and control for both employers and employees.
- Provides cost control and savings for the employer
- Gives flexibility to the employee to choose health insurance more suitable to their needs.
- Removes the burden of health plan administration
An Individual Coverage Health Reimbursement Arrangement (ICHRA) is an alternative to traditional group health plans that can save both an employer and its employees. It allows any size business to make tax-free contributions reimbursing employees for health insurance premiums and/or medical expenses. An ICHRA may be the perfect choice for your small business’s health insurance.
Cost Control & Flexibility – The Secret Ingredients of an ICHRA
For decades, employers have been tasked with making a very difficult decision – determining which health plan will fit the needs of a diverse workforce. A “one-size-fits-all” mindset has left many employees frustrated with the lack of control over their family’s healthcare and expenses.
Employers and employees see higher costs year over year, and sometimes it forces them to consider dropping their benefits. The cost of offering healthcare benefits has left many organizations feeling stuck.
As employers and employees experience their own unique frustrations in a post-COVID landscape, we begin to see the perfect storm unfolding in our modern benefits ecosystem. This is exactly where an ICHRA comes into play as a carefully crafted solution that enables flexibility and cost-control.
Simpler Approach – Better Solution for Health Insurance
Benafica, your Minnesota-based Third Party Administrator, will help you empower your employees with a customized Individual Coverage HRA benefit. You control your benefit spending while letting your employees take back control of their healthcare by selecting the plan that best fits their unique needs. It’s good for you – and good for employees.
In today’s market, every dollar matters, and every voice should be heard. It’s time to offer an alternative to traditional health insurance that offers greater flexibility and control for both employers and employees.