ICHRA
Reimagining Benefits: Transitioning to an ICHRA
The traditional "one-size-fits-all" approach to group health insurance is changing. For years, businesses have balanced rising premiums against the needs of a diverse workforce, often settling for a plan that doesn't quite fit anyone perfectly. Switch to an Individual Coverage Health Reimbursement Arrangement (ICHRA).
The Basics
What is an ICHRA?
An ICHRA is a modern alternative to traditional group health insurance. Instead of the company choosing a single carrier and plan for everyone, the company provides tax-free reimbursements for employees to purchase their own individual health insurance policies.
How the Shift Works
Defined Contributions
You decide exactly how much you want to contribute toward employee premiums.
Employee Choice
Employees shop the individual market for the plan that fits their doctors, prescriptions, and budget.
Tax-Free Advantage
Like traditional group plans, contributions are tax-deductible for the business and tax-free for the employee.
Make the Move
Why Make the Move Now?
Predictable Costs for the Business
Fully insured plans leave you at the mercy of double-digit renewal hikes. With an ICHRA, you regain control of your budget.
Personalized Healthcare for Employees
Your youngest employees have different needs than those nearing retirement. Empower your team to select from plans on the open market.
Simplified Administration
Skip the participation rates and annual open enrollment presentations. Shift HR's focus from insurance administration to talent support.
The Process
Navigating the Transition
We understand that moving away from a traditional plan can feel like a major shift. That's why we've streamlined the onboarding process to ensure no one is left without coverage.
01
Design Your Plan
We help you determine the classes of employees and the contribution amounts.
02
Shopping & Enrollment
Our team guides your employees through the individual marketplace to find their new plans.
03
Automatic Reimbursement
Once a plan is selected, reimbursements are handled seamlessly through your existing payroll system.