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An ICHRA (Individual Coverage Health Reimbursement Arrangement) allows employers to provide employees with a tax-free allowance to help pay for individual health insurance premiums and other eligible medical expenses. It gives businesses flexibility while allowing employees to choose an individual health plan that fits their needs.
With traditional group health insurance, the employer selects a plan, and employees typically choose from the options offered by the company. An ICHRA allows employees to choose their own individual health insurance plan while the employer determines how much to contribute toward their coverage.
Level-funded health insurance combines features of traditional fully insured coverage with a self-funded approach, giving eligible businesses the potential for greater cost savings and transparency. Employers pay a set monthly amount, while the plan is designed to help manage claims costs and provide protection against high claims.
You don't have to figure it all out on your own.
Whether you're a business owner looking for employee benefits and HR solutions or an individual looking for health, life, or supplemental coverage, The Schaub Group is here to help.