It’s Time To Offer Your Employees The Health Care Plan Options They Deserve
The health insurance plans changed forever thanks to ICHRA and the ability to offer a new type of health insurance coverage.
What Is ICHRA?
ICHRA stands for Individual Coverage Health Reimbursement Arrangement and it is an opportunity to provide your employees with the type of health insurance options they need with health reimbursement accounts. These health savings accounts allow your employees the freedom to spend their health insurance dollars on their own terms.
In simple terms ICHRA allows you to offer your staff a monthly allowance of tax-free money that they can use on the type of health insurance options that fit their specific needs. Instead of forcing your employees to choose from a list of restricted options and high deductible health plans, you are putting the power in their hands by letting them spend their health care allowance in ways that will benefit them the most. This type of focus on individual health needs instead of group health plans is a great way for an employer to show their staff they care about their wellbeing.
Health Insurance Challenges Facing Employers
As an employer, you are responsible for more than just compensating your employees financially. They are counting on you to provide the type of health insurance options that will support their needs and overall well-being.
Today’s employers face a variety of challenges including:
- Health Care Costs
- Health insurance costs including premiums, deductibles, and prescription drug costs have increased dramatically over the past ten years with no end in sight
- Individual Health Needs
- The group health insurance model is no longer viable nor does it meet the individual health needs of their employees
- Employee Turnover
- Employees are more likely to leave a company if their medical needs are not covered by their health insurance plan including prescriptions, drug costs, and out-of-pocket expenses.
- Affordable Care Act Regulations
- The rules and mandates set by the ACA are leaving employers vulnerable to fines and other issues
Find The Perfect Plan
It’s our pleasure to evaluate all your health insurance needs and help you choose the right policy. With Carolina Insurance Professionals by your side, you will be ready for any surprises that life throws your way.
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How Do ICHRA Health Insurance Plans Benefit Employers?
- Employers can choose how much to contribute to each plan and which health insurance plan to offer each of their designated employee classes
Control The Cost
- ICHRA allows employers to control the cost of the medical benefits they provide and have the ability to predict the cost of their health insurance program year to year
Tax Based Benefits
- ICHRA yields several tax-based benefits. Since the amount you contribute are not considered wages or you are not subject to employer matching payroll taxes or income taxes
How Does A ICHRA Health Insurance Plan Work?
Step 1: Choose Your Own Plan Design
- One of the benefits of offering an ICHRA health insurance reimbursement plan is the ability to create a structure that works for your company. This includes defining your enrollment period, reimbursement limits, list your qualified expenses, and determining your eligible employees and their eligible dependents.
Step 2: Allow Your Employees To Select Their Plan
- Here is where you can empower your employees to select and purchase individual insurance plans that fit their needs as well as the specific needs of their family members. Instead of following the old way of thinking and only offering a group health care plan, you can allow your staff to select the plan they need in an open healthcare market. This gives them the power to spend their allowance on their own unique health needs. Partner with our agency to assist your employees in choosing the right health insurance for their needs.
Step 3: File A Claim
- Employees submit a claim for their eligible insurance expenses. This process can be tracked and verified to ensure they are following the guidelines set in step 1.
Step 4: Reimbursing Your Employees
- First, you determine which claims are eligible for reimbursement. Then, your employees are reimbursed for their approved claims. This provides peace of mind knowing they no longer need to worry if they can pay their medical bills and additional out-of-pocket expenses.
Why Invest In A ICHRA Health Insurance Plan For Your Employees?
Meeting Employee Expectations
- Today’s employees expect their employer to take care of them in various ways including providing comprehensive health insurance plans that fit the needs of themselves and their families.
Avoid Employee Turnover
- The last thing you want is to lose a quality employee to a competitor because they are offering better health insurance. Avoid the high cost of replacing an experienced employee by proactively providing the benefits they need and allowing them to elect their own healthcare plan.
Improve Company Morale
- A company will live or die based on their culture and overall morale. When your employees feel supported and cared for, they are more likely to perform better at work and produce a higher level of output as a result.
Carolina Insurance Professionals - Your Partner In Employee Health Insurance Plans
We have spent over 20 years helping North Carolina companies offer high value, comprehensive coverage to their employees. Our team of highly qualified independent insurance agents are here to help you find the best health insurance coverage for your employees. Our goal is to help you put together a plan that will benefit your people and strengthen your entire organization.
We are capable of handling the day-to-day responsibilities of managing your company’s health insurance plans. This includes explanation of benefits to your employees, guiding them through the reimbursement process and answering any questions about premiums, deductibles, or anything else about their new health coverage.
Learn More About Our ICHRA Insurance Plan Options
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