Press Release: Control Costs & Provide Employees Choice with the New ICHRA
Gravie announces a new ICHRA solution for businesses following new 2020 regulations that allow for company-funded, tax advantaged contributions to individual HRA plans. Employers can control costs, provide more choices to employees, and work with Gravie experts to implement the new benefit.
Minneapolis-based health insurance marketplace and benefits partner, Gravie, is announcing an individual coverage health reimbursement arrangement (ICHRA) solution in the wake of a newly issued regulation. Starting Jan. 1, 2020, employers of all sizes can take advantage of the new ICHRA regulations allowing them to use tax advantaged dollars to subsidize employees’ premiums in the individual health insurance market. The new ICHRA regulations provide more flexibility for employers, more personalized coverage for employees, and level the playing field for small to midsized businesses by providing a tax advantaged way for them to finance their employees’ health insurance.
Gravie has been at the forefront of improving the way employers and employees purchase and access healthcare since 2013, and is among few partnering with employers to offer this new health benefits solution. “The newly issued ICHRA regulations align well with Gravie’s model, which has always been based on cost control and flexibility for employers and more choice for employees,” said Abir Sen, co-founder and CEO of Gravie.
Through an ICHRA with Gravie, the employer determines their benefits budget and how much money they want to contribute to each employee to purchase health benefits. Employees use the money from their ICHRA to put towards the cost of purchasing individual health plans through Gravie’s marketplace.
Cost-control and flexibility are the main advantages of an ICHRA. Through an ICHRA, employers have significant flexibility in setting the amount of money they make available to their employees to purchase health benefits. There are 11 employee classes defined by ICHRA regulations, and employers can choose to offer ICHRAs to a subset of these employee classes, within certain parameters.
Employers interested in Gravie’s new ICHRA solution should call 844.540.8701 or email firstname.lastname@example.org.