Individual Coverage HRA (ICHRA)
Offer employees a more affordable and personal health insurance option with a flexible ICHRA from WEX.
Reduce your healthcare costs, not your flexibility
Tailor healthcare support based on your needs
- Employers have the ability to control costs and risks. Rather than attempting to choose a one-size-fits-all plan, managing renewals and participation rates, and being subject to unexpected premium increases, companies can simply set their monthly allowances and then get back to running their businesses.
- Unlike traditional group health insurance, there are no minimum participation requirements. Companies have full control over the class reimbursement amounts they set and can even change those amounts during the plan year. Beyond employee class, companies can tailor the reimbursements based on employees’ ages and family size.
- Companies may launch an ICHRA plan on any date. Employees must be notified who will be offered an ICHRA 90 days prior to the start of the plan. Offering these plans will trigger an open enrollment period when employees will be eligible to purchase individual plans.
ICHRAs reimburse employees at a set level for part or all of an individual health plan
- These plans are tax-advantaged and exempt from payroll taxes. ICHRAs are available to companies of all sizes.
Benefits solutions for your specific needs
Stay connected
Subscribe to our Benefits Buzz blog and podcast and follow us on social media to receive all our industry insights.
"*" indicates required fields