ICHRA - Individual Coverage HRA Explained

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Күн бұрын

The Individual Coverage Health Reimbursement Arrangement or ICHRA (pronounced 'ik-rah') allows employers to pay for their employees to buy health insurance coverage on the open market with pre-tax money.
Unlike a Traditional HRA that only reimburses for deductible, co-insurance and other out-of-pocket expenses, the Individual Coverage HRA can be used to pay the insurance premium.
Allowing employees to choose the health insurance plan that fits their needs can be better for many employers and employees.
Employees are very diverse and the typical 2 or 3 plan options are not enough to meet their diverse needs. Giving employees dozens of options and allowing them to vote-with-their-feet will put the power in the employees' hands to choose what's right for them.
Sources:
www.shrm.org/resourcesandtool...
www.forbes.com/sites/forbesbu...
blog.ubabenefits.com/why-priv...
www.mckinsey.com/featured-ins...
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Пікірлер: 31

@christinajoy3282 4 ай бұрын

Excellent video. Thanks for sharing this. Loved the 'customization & choice' part. I'm researching health plans for our medium size non-profit so you are, right now, having a real time impact on actual people - a good one!

@ahealthcarez 4 ай бұрын

Super. Thank you for your feedback.

@blacknetworkassociates 2 жыл бұрын

Doc you did an outstanding job explaining the ICHRA. More people need to know about it, and embrace it going forward, the individual market exchanges do not seem to be going anywhere soon. Reluctance to adopt new concepts in benefits comes from sheer ignorance, keep shining the light, and more people will begin to see. Thanks

@ahealthcarez 2 жыл бұрын

Thank you for watching and for your feedback.

@thomasflynn7496 Ай бұрын

Great video Doc, as you always do. Your point on Ambetter / Centene is correct - high penetration related to the crossover of some moving from safety net to individual health when they grow earnings. However, that company recently made a mistake in cutting out broker assistance/compensation for their products. As you state, their networks are VERY different than other traditional group insurance insurers (BUCA, Oscar, HMOs) and there is now noone to compare the options for a value, need-based decision - only the stress when someone finds out they chose the wrong product. I hope Ambetter / Centene changes their mind, as they do play a valuable role for a segment of the population - but not for most.

@ahealthcarez Ай бұрын

Thank you.

@RachelLovelace Жыл бұрын

Great overview of ICHRA. I'm currently becoming familiar with this service as a major component of my work. Your point about hospitals now having to rethink how they provide and charge for services now that more people are on Medicare-level contracts as opposed to their usual PPO or HMO contracts is well taken. It's one step in the right direction as long as that doesn't translate into cutting corners. Excellent!

@ahealthcarez Жыл бұрын

Thank you for your feedback.

@BenefitHackers Жыл бұрын

That is incredibly useful material. Thank you so very much for doing that. John Millen.

@ahealthcarez Жыл бұрын

Thank you for watching and for your comment.

@JoeB3 2 жыл бұрын

Subbed just on the central planning rant lol• also a great explainer video, thanks!

@ahealthcarez 2 жыл бұрын

Thank you for watching and for your comment.

@josepaulloor6449 2 жыл бұрын

I’m gonna implement this plan to protect my company and employees

@ahealthcarez 2 жыл бұрын

Thank you for watching and for your comment.

@achievecarerpm-ccm3517 2 жыл бұрын

This is amazing and truly forward think to allow employees to have the same choices or “Open Market XChange” in each State to serve as an ailment tool. The huge division in this equation is employers are only responsible for the “Silver Plan” for just that employee. If the States would “step-in” and mandate a “Silver Level -Family 3+ Plan” those values are very different.

@ahealthcarez 2 жыл бұрын

Agreed. Thank you for your comment.

@maxwelllindsay8298 2 жыл бұрын

Hey Erik, How can I get in touch with you directly?

@vickyshort5682 2 жыл бұрын

Woah I had no idea about this. Does this mean the employee could potentially have more take home pay instead of employers assuming they want the default health insurance plan that’s a standard company cost that reduces employees take home pay?

@ahealthcarez 2 жыл бұрын

Correct. Thank you for watching and for your comment.

@kameronalexander4822 10 ай бұрын

Does anyone have any presentations for our organization they would be willing to share?

@Lewismarty1 Жыл бұрын

Great video. Our PEO is exploring rolling ICHRA options out to our clients If you’re open to a 1-2-1 chat to discuss this further I’d love to make that happen mate

@sanadbenali6993 2 жыл бұрын

Another great video thanks

@ahealthcarez 2 жыл бұрын

Thank you for watching and for your feedback.

@adamwolf4041 6 ай бұрын

NO NO NO 1000 times NO! A company has no insurance plan at all if the employee has to shop for a plan and pay for everything out of pocket upfront! The company is simply using the employees money and not thier own. Even worse the company decides what it wants to reimburse and how much they will reimburse per month. Oh and by the way, the money the employee puts into a fund for medical expenses becomes the sole property of the company.What that means for the employee is that you really have no insurance whatsoever and you may likely never get reimbursed for anything. B!S!

@Lewismarty1 Жыл бұрын

What did you mean by '9 box grids'?

@thenaturalgemini Жыл бұрын

The different employee segments/ departments within a company. Example company ABC has a sales team,IT department, warehouse department etc. he is saying some of the plan options generally offered may not fit the employees of the various departments. The ICHRA will open them up to more options for coverage.

@ljbbenson3762 Жыл бұрын

COLORADO??

@adamwolf4041 6 ай бұрын

Yadda, yadda. Companies are taking employees money and using it as thier own to pay for everything and then deciding when and how much to pay back. It's an entertaining song and dance but in the end its all a bunch of bs. THE COMPANY needs to pay for the insurance premiums and procedure costs and prescriptions upfront NOT the employee out of pocket!

@ahealthcarez 6 ай бұрын

Thank you for watching and sharing your thoughts.

@BenefitHackers Жыл бұрын

That is incredibly useful material. Thank you so very much for doing that. John Millen.

@ahealthcarez Жыл бұрын

Thank you for your comment.