How it Works & What to Expect

Once you cut through all the insurance jargon, ICHRAs are actually pretty simple. Here’s how they work.

What Types of Plans Are Available?

Plans designed for ICHRAs are available on a specific marketplace. The plans available on the individual marketplace feature all the big names in insurance you know, and some that are newer to you. 

Many people find comfort in buying a plan from the same carrier they had on group insurance, but also be sure to consider new options that might give you access to the same quality of care for a lower cost.

Switching to an ICHRA: What to Expect

Changing to an ICHRA can take a little time. Key aspects of the process will include: 

• The employer consulting with their broker
• The employer evaluating and selecting an ICHRA platform
• Introducing ICHRAs to employees
• Educating employees
• Supporting employees through enrollment 

The level of support employees need tends to decrease each year as people become more familiar with the process and become savvy health plan shoppers. 

In the beginning, it’s common for people to have questions and concerns. For example, “How will I learn about my plan options?”, “How do I pick the right plan for me and my family?” or “How can I tell if my doctor is in-network?” 

First, know that while you now have control, you also still have help from HR, brokers, and the ICHRA platform. Because health insurance can seem complicated, it’s common for people to wonder if they’ll be able to pick a good health plan. But think about other areas of your life where you already do something similar: buying car insurance, home or renter’s insurance — or even just buying complicated products like a phone or computer. People handle these decisions by doing a little research, using filters to narrow their options, and looking for recommendations. ICHRAs provide the same opportunity and give you control over an important and personal decision.