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An Employee's Guide to ICHRAs
Personalized health plans that put you in control.
Even if you don’t know much about health benefits, chances are you’ve experienced two of the biggest challenges that come with group insurance: costs that get higher every year and plan options that don’t fit everyone’s needs.
People have different budgets, different medical needs, and different preferences for doctors and networks. Yet, with group insurance, everyone is given the same two or three plan options to choose from.
For over 60 years, health insurance has been all about the group. But when you stop and think about it, healthcare isn’t a group decision — it’s personal. Your healthcare needs are unique. And your coverage should be as well.
An ICHRA — which stands for Individual Coverage Health Reimbursement Arrangement — is a new option that allows you to control your health coverage using money provided by your employer.
Top Three Reasons ICHRAs are Great for Employees
ICHRAs can make health insurance costs more affordable and predictable
ICHRAs allow each person to pick any health plan that fits their needs from any carrier (yep, including our competitors)
You can pick plans that allow you to keep your doctors and/or cover your prescriptions
Learning about health insurance might not seem like the most exciting use of your time. But when you consider how much it can impact your health and your money, it’s worth a few minutes to get informed. Let’s unpack the basics and benefits of ICHRAs so you know what to expect if your employer sets one up.
This guide provides a quick overview of ICHRAs for employees, including: what ICHRAs are, why ICHRAs are good for employees, how ICHRAs work, what types of plans you can buy, and what to expect during enrollment. You can also visit the Why ICHRAs page for more information.
Talk With Our Team
Considering an ICHRA raises new questions. Our team is here to help.