Double digit renewals & risk don’t have to come with the territory.
If you have 50+ employees and are considered an Applicable Large Employer (ALE), you can save on benefits by reimbursing employees for health insurance with an individual coverage HRA (ICHRA).
Satisfy the employer mandate on your budget
No more complaints about group health plans
No more surprises, renewals, or participation rate concerns
Your team is our focus. We're in this together.
Switching from group health insurance for employees to an ICHRA solution means switching from the status quo. We understand that your employees need to feel comfortable with a change in health insurance. That starts with:
Unlike the inflexibility that comes with large employer group health plans, you'll spend time with our expert design team to make sure your ICHRA plan design will meet all your needs and affordability requirements.
How should I structure my reimbursements?
If you have at least 50 full-time equivalent employees, then it will be important to offer them enough in reimbursements for them to afford their health insurance premiums in order to avoid any penalties from Uncle Sam.
How can I create classes for my employees?
You can separate your employees into different classes based on certain prescribed criteria(ie, location, full-time/part-time, etc), which allows you to set the right benefit for all of your employees depending on their situation.
How long will the designing process take?
You should expect to hear from us within 2-5 business days. Once we receive the information needed and talk with you to understand the situation and goals, our design team will work with you to finalize a design(this typically takes a few more days).
We'll onboard & enroll your employees
Our dedicated in-house enrollment team will help your employees choose the best individual health insurance plan to work with their Individual Coverage HRA. We'll also handle onboarding your employees to ensure a smooth transition from the employer-sponsored health coverage they might be used to.
How should I communicate with my employees?
Communication is key for your employees to get the most out of their HRA. We recommend communicating early and often. Most of our clients communicate to their employees via email, but we’ve also seen memos and brochures as well.
Here’s what you are required to communicate:
How much contribution an employee is eligible for in that given year
How employees need to communicate their contribution amount to any health insurance exchange to which they apply for advance payment of the premium assistance tax credit.
Help them understand that if the employee is not covered under minimum essential coverage for any month, the employee may be subject to taxfor that month and reimbursements under the arrangement may be includible in gross income.
Here’s what we recommend communicating in addition to the above:
Explain what an HRA is and what individual health insurance is
Help your employees understand where to find and purchase individual insurance. Beware: federal rules prohibit employers from being involved in the actual choosing of an employee's provider or policy. The good news is our enrollment team can help them make a smart decision based on their needs.
If you have an existing group healthcare policy, let employees know when it will be cancelled and when the HRA will take effect.
Explain why the company is making this switch and what the benefits are for both employer and employees.
What is the best way for my employees to shop for insurance?
Shopping for health insurance doesn’t have to be frustrating and confusing. The easiest way for employees to shop for health insurance is on our platform. They will be able to see all of their options in their area and pricing based on their age, family size, etc. If they get stuck, they can set up a call with our enrollment team and someone can walk them through the process. We even have bilingual support if needed!
What if my employees have questions I can’t answer?
Our team will immediately get to work supporting you with ICHRA reimbursements, compliance, reporting, and answering all of your employees' questions.
How do I reimburse my employees?
We recommend pushing through tax-free reimbursements on payroll(like you’re reimbursing for travel expenses or something). We’ve seen some business owners just write checks, pay cash, or use PayPal, etc. Up to the business owner!
How will I know how much to reimburse my employees each month?
We keep track of this for you, so you don’t have to. When you’re ready to reimburse your employees, you’ll reference your Reimbursement Statement on our portal, where we'll show you exactly how much each person is owed in a given time frame.
What if I have questions?
We’ve built a team just for you to help you be successful. It’s aptly called the client success team and they’re solely dedicated to meeting your needs.
ICHRA HEALTH INSURANCE
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