Many small businesses struggle to provide health insurance for their employees due high costs. However, not providing insurance makes hiring employees difficult and creates employee retention issues. An ICHRA plan could be the solution.
Individual Coverage HRA (ICHRA) is an ACA compliant alternative to group health insurance. In simplest terms, ICHRA allows businesses the option to offer employees a monthly allowance of tax-free money to buy health insurance or spend on specific out of pocket expenses that fit their needs (or both) that fits their unique needs.
In 2020 the Department of Labor, HHS and IRS created the Individual Coverage HRA (ICHRA) to help average employers compete. ICHRA gives average employers a new alternative to group health insurance.
Lisa Ouellette, Manager of Administrative Services of csOne Benefit Solutions of Concord, NH will explain what an ICHRA is, how it is administered, the benefits, and the pitfalls.
Sponsored by HRXperienced, providing people-focused solutions to small to medium-sized businesses and non-profits in New Hampshire and Vermont.