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Posted September 22, 2020

ICHRA

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Individual Coverage Health Reimbursement Arrangements (ICHRAs) are one of the newest benefit options to hit the market. It’s both exciting and overwhelming given the number of requirements that employers need to follow to offer the benefit.

From making sure employers choose the right ICHRA plan based on their size (and their budget), to trying to meet needs employers have outside of the ICHRA (such as, offering health savings accounts), to deciding how collect payment … figuring out how to offer an ICHRA to employers is anything but simple.

Or is it? 

Introducing ICHRAs from WEX. 

From automated attestation and reimbursement to self-service options for employees, WEX simplifies ICHRAs for everyone.

With ICHRAs from WEX, you can:

  • Offer personalized ICHRAs for every employer, no matter the size or budget. 
  • Customize your benefit offerings to meet the needs of your clients (and prospects). 
  • Streamline and simplify your payment + reimbursement solutions. 
  • Manage the administration of every ICHRA plan…without the hassle on your end.
  • Leverage robust integration solutions and best-in-class customer service. 

Offer personalized ICHRAs for every employer, no matter the size or budget

With WEX, you can offer flexibility for employers to custom design the benefit with different contribution allowances based on different classes of employees, employee age, and family size.

Customize your benefit offerings to meet the needs of your clients (and prospects) 

Our solution supports HSAs, FSAs, HRAs, commuter benefits, and new ones as they arise — such as ICHRAs. Whether your client benefit offerings are simple or robust, our solution can be easily customized to meet your needs (and the changing demands of the marketplace). 

*Did you know? FSAs are ICHRA compatible, and ICHRAs can be designed to be compatible with HSAs, too!

Streamline and simplify your payment + reimbursement solutions 

With WEX, you can offer carrier-direct payments, a debit card, mobile and online claim filing, receipt upload, and automated recurring (i.e, monthly) claims to meet a wide variety of needs in the marketplace … all in one platform.

Manage the administration of every ICHRA plan…without the hassle on your end 

When you choose WEX to service ICHRAs, the administration (reporting, legal plan documents, etc.,) of your ICHRA plans can be handled by WEX or a team of trusted partners. That means you can spend less time running reports, and more time growing your business.

Leverage robust integration solutions and best-in-class customer service 

With WEX, you get an innovative tech partner with your growth in mind, payment expertise, and industry-leading customer service support (for both you and your customers).

The WEX difference

What’s even better? WEX is committed to continuously investing in our product, so you get to take advantage of cutting-edge ICHRA innovations that keep employers in compliance with ICHRA requirements, such as capturing attestation* from employees.

*Attestation is the process where employees must formally certify that they are participating in individual health coverage.

Targeted Messaging 

Proactively present a message to ICHRA employees to encourage annual attestation, drive awareness, or link to a shopping option. 

Paperless Attestation

Eliminate paper from the process and make it easy for employees to attest online (both annually and ongoing) with just a couple clicks. And while we love our paperless solution, if you prefer paper, we can support that too!

Optional Debit Card Restrictions

Ensure you stay within the ICHRA requirements by automatically preventing employees from using their debit card for ICHRA expenses until after they provide annual attestation.

Ultimate Visibility

Employers can easily track online which employees have (or have not) provided annual attestation to make sure they meet ICHRA requirements.

So when you’re ready to add an ICHRA to your list of offerings, contact us to get started. And if you’re already a WEX partner, simply reach out to your Partner Account Executive to get started.

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