ICHRA with Gravie — The New Individual Coverage HRA for Employers

July 6, 2020

In January 2020, ICHRA (pronounced ick-rah) became a new option for employers who want to provide employee health benefits. 

With ICHRAs, employers will no longer have to suffer the high cost and low satisfaction of traditional group health plans. ICHRA health benefits allow employers to control costs while giving employees more personalized coverage. 

At Gravie, we’re excited to be among few partnering with employers to offer this new solution.

If you haven’t considered an ICHRA — the real question is why not?

Here’s Why ICHRA is a Great Option 

ICHRAs allow employers to use tax-advantaged dollars to subsidize employees’ premiums in the individual health insurance market.

The best part about ICHRAs is that they deliver value and satisfaction for both the employer and employee. 

Control Costs: Using the defined contribution model, employers set and stick to a benefits budget that works for their business, determining how much money they want to contribute to each employee to purchase health benefits.

Personalized Coverage: Gravie’s intuitive shopping tool walks employees through choosing an individual health plan that meets their unique health needs, lifestyles and budgets, and Gravie Care Advisors are available to answer any questions along the way. 

Flexible Benefits: Employers get flexibility to adjust employee contributions and even switch between solutions throughout the year. If employees leave the company, they have the option to continue their coverage to avoid the risk of going uninsured.

Gravie Makes it Easy: Employers and employees have experts in their corner to help navigate the complexities of health benefits. Gravie makes it easy for employers to implement and manage ICHRA health benefits and employees get benefits support whenever they need it from the Gravie Care team.

For more on how the new ICHRA helps employers, check out Gravie’s ICHRA Guide here.

Have Questions? Gravie Has Answers. 

Here are a few common questions:

What’s the difference between a QSEHRA and ICHRA?

The ICHRA is more flexible than the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), open to employers of all sizes and with no annual contribution limits. A QSEHRA is limited to employers with fewer than 50 employees and subject to contribution caps. 

What’s the difference between an ICHRA and a traditional HRA?

HRAs need to be integrated with traditional group health plans. An ICHRA works with individual health plans.

As an employer, do I qualify?

All businesses are eligible, as long as they are not currently offering a QSEHRA or EBHRA solution, nor offering a traditional group plan simultaneously to the same class of employees. 

Did that help? For more answers to ICHRA questions, check out Gravie’s ICHRA Guide with other frequently asked questions from employers. You’ll be one step closer to putting an end to one-size-fits-all health plans.

Interested in learning more about ICHRA with Gravie? Feel free to contact us online or call at  844.540.8701.

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