ICHRA: Save Money on Your Business Health Insurance

Less money. More flexibility. Substantial tax benefits. Offer health benefits to your staff for much less than a group plan. Consider an ICHRA.

Insuring More Staff for Less

“Last year, through a typical small group insurance plan, we provided 7 people insurance for just over $44,000. This year through ICHRA we will insure 16 people for just under $30,000.”

Team Summit, Breckenridge

Saving $1100 a Month

”It’s well worth it to be able to save on overall premiums costs and give employees the choice to select a plan that best suits their personal needs.”

Breck Heritage Alliance

Better Plans for Employees

”We were able to save almost half off the premiums, which was huge … and our employees are getting better benefits such as a lower deductible.”

Ebert Family Clinic

What is an ICHRA?

An ICHRA (pronounced “ICK-rah”) stands for Individual Coverage Health Reimbursement Arrangement. They allow a business to reimburse their employees for health benefits, including insurance premiums, tax-free.

 

Who Should Get an ICHRA?

ICHRA’s are for nearly any small business with more than one unrelated employee. If a business hasn’t been able to offer small group or level-funded plans because of enrollment requirements, or found a group plan too expensive, ICHRA is a great option.

 

Why Should I Consider One?

First: Savings over a group plan can be substantial. You can now take advantage of individual market rates, which cost less than traditional group plans.

Second: Better cost control and more predictability when it comes to healthcare expenses. 

Third: No more complicated group plan decisions for you. Let employees shop for what works for them! 

What About My Part-Time Staff?

You can cover them, too!

In fact, you can set up your reimbursement amounts differently by type of employee, such as full-time, part-time, or even seasonal. There are other classes you can set up, and offer different reimbursement amounts to each. 

And there is no maximum contribution amount.

 

What Do Employees Get In Return?

More Flexibility!

With ICHRA, the employee shops for health insurance on the state marketplace, and can choose the benefits and plans that make sense for them. They can still add their families, too.

Plans are all ACA-compliant, meaning they are comprehensive and cover important preventive care.

 

Is It Too Late to Sign Up for One?

No! Businesses can offer ICHRA at any time.

Offering an ICHRA opens a 60-day Special Enrollment Period for employees to purchase coverage on the marketplace.

 

Where Can I Get a Quote?

Get a free, preliminary estimate here!

If you have your census, with a few clicks we can give you a quote you can use to estimate your savings. Just click here to get started. There’s no obligation.

Next Steps and More Resources

  • Visit our FAQ page for more questions and answers 
  • Visit the Events page and join or watch one of our live or recorded educational webinar
  • Talk to your broker
  • Get a no-obligation preliminary estimate from us here
  • Reach out to us at 970-455-0381, or chat with us down at the corner of your browser window.