Group Health Benefits with ICHRAThe New Alternative to Group Health Insurance
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ICHRA. A New Way to Provide Affordable Health Benefits to Employees.
Health insurance is one of the largest expenses for most businesses. Measures to hold down the cost have resulted in high deductibles and watered down benefits, leaving employees financially exposed and afraid to get the health care they need.
At the same time millions of businesses are struggling with hiring and retention. The lack of affordable health benefits results in higher turnover rates and a competitive disadvantage.
But in 2020 the Individual Coverage Health Reimbursement Arrangement (ICHRA) became available as a new health benefit alternative for employers.
What is an Individual Coverage Health Reimbursement Arrangement?
In 2020 they changed the ACA to create ICHRA. It allows an employer to replace group health insurance.
Instead, employees use pre-tax ICHRA funds to pay for health benefits of their own choosing. So every employee gets a health benefit that suits their health and financial situation.
A proper ICHRA strategy satisfies both ACA mandates for any size employer.
An ICHRA can also pay for an Employee Assistance Program that reimburses employees everyday and preventative care including:
- Direct primary care
- Virtual primary care
- Dental care
- Eyecare and VIsion
- Mental health
- Prescription benefits
Freedom to Choose
Importantly, employees are also able to opt-out of the ICHRA to accept an employer’s offer to pay for an insurance alternative like Medical Cost Sharing. Employees get the freedom to choose between traditional health insurance or this new more affordable alternative.
ICHRA gives a business better alternatives to expensive group health insurance. instead of forcing employees to accept a ‘one-size fits-all’ group insurance plan. they get a monthly allowance to buy individual health insurance or health benefits that fit their individual lifestyle and finances the best
The right ICHRA strategy gives every employee unrestricted access to everyday health care and an affordable way to pay for unexpected large medical expenses. Employees appreciate being able to choose a plan suited to their individual health, lifestyle, and family finances.
Developing an ICHRA Plan for Your Business
ICHRA is just the foundation for a greater benefits strategy to meet an employer’s objectives. On its own, ICHRA can simply be used as a low cost ACA compliance tool. But at Scoop we help employers where great employee benefits really matter. We help you design a more equitable benefits strategy with ICHRA as the foundation. One that affordably intersects with the unique individual health needs of every employee.
It all starts with a conversation.
It’s better than Group Health Insurance
ICHRA eliminates group health insurance hassles, forever!
Every employees get a personalized health benefit.
No huge renewal increases, or reducing coverage to keep the rates low.
Budget friendly and predictably stable rates, year after year.
Typically 20-40% less than group health.
Checks the box for Affordable Care Act compliance. Penalty free!
Long term employees that appreciate their employer health benefits.
Health Benefits Employees Appreciate
With a customized ICHRA strategy from Scoop Health,
Employees get to pick a plan that suits their health and finances.
Every employee gets unlimited Virtual Primary Care.
Affordably add dependents and family.
Out of pocket as low as $500 for any medical incident
Most have No network restrictions, co-insurance, or annual limit.
Schedule a free ICHRA Consultation Today.
See how ICHRA can help your business grow.