How does an ICHRA work?

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An Individual Coverage Health Reimbursement Arrangement (ICHRA) allows your employer to offer you pre-tax money to buy health insurance. You can buy any individual health insurance you would like as long as it meets the Affordable Care Act (ACA) minimum standards. 

What are the benefits of an ICHRA?

  • Your health insurance policy belongs to you, not your company.
     
  • You get to choose from any health plan on the market. HRASimple will help you select a plan where your preferred doctors, providers, and prescriptions are covered.
     
  • Your employer can add an optional HRA Account (aka, "Health Wallet"). If you choose a health insurance plan that costs less than your employer's contribution, you can use the remaining funds to pay for qualified medical expenses. Please check with your employer to confirm whether you have access to an HRA Account. 

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Article ID: 87
Created
Wed 10/23/24 3:24 PM