How to set up an ICHRA?

To set up an ICHRA, an employer must:

1. Determine which employees or classes will be eligible and set a budget for reimbursement amounts.
2. Decide on which expenses will be covered (premiums only or additional medical expenses).
3. Establish a formal plan document.
4. Notify employees and help them understand their options.
5. Ensure compliance with legal requirements, including affordability rules if applicable.