Take Command Health and Friday Health Plans have partnered to bring new health insurance model to Colorado. The new ICHRA allows employers to reimburse employees tax-free for health insurance.
We couldn't be more excited about this partnership. Here's a little more information about it!
Take Command Health, a Dallas-based health tech startup and Colorado-based Friday Health Plans announced a first-ever partnership to offer a new, tax-efficient way for Colorado employers to provide health benefits for their employees. The partnership leverages recently approved regulations that provide an attractive alternative to the hassle of cumbersome and pricey group health plans.
Starting January 2020, the new Individual Coverage Health Reimbursement Arrangement (ICHRA) allows employers to simply set aside a tax-free allowance to reimburse individual insurance premiums and medical expenses.
Bringing greater budget control, flexibility, and personalization to the group benefits market, ICHRA and its hallmark employee classes have a lot to offer businesses looking to optimize their healthcare spend and take on less risk when it comes to employee benefits. For employees, they will have the flexibility to choose their own health plan on the individual market, spend money as needed, and keep their plan if they switch jobs.
Take Command Health’s industry leading HRA platform will power the offering. Although employees are free to choose any individual plan they wish offered, Friday Health Plans will offer all off-exchange versions of their plansto Take Command Health members.
“This new HRA rule is a great option for Colorado employers who want an easy way to offer their employees health insurance,” said Sal Gentile, CEO of Friday Health Plans.
“Our partnership with Take Command Health makes the process simple and reliable, which is what we always strive for at Friday.”
Take Command Health and Friday Health Plans are bringing this new product to Colorado business owners of any size with any budget.
“We’re excited to offer a new model of insurance for employers in Colorado this year,” shares Take Command Health CEO, Jack Hooper. “Partnering with Friday Health Plans—who has some of the most robust individual plans in Colorado–was a natural fit.”
About Friday Health Plans
Friday Health Plans is purpose-built specifically for people and small businesses who buy their own health insurance. The company focuses on overall simplicity to offer affordable health plans with benefits that help members stay healthy and cover them fully if they get sick or hurt. Operational efficiency, top-notch customer service, and smart technology are core to Friday’s consumer-centric approach. Headquartered in Denver, Friday covers the Colorado Front Range, San Louis Valley, and portions of the Western Slope, Four Corners and Eastern Plains. Friday Health Plans is compliant with the Affordable Care Act and regulated by the Colorado Division of Insurance.