The Departments of Labor, Health and Human Services and the Treasury have expanded the use of Health Reimbursement Arrangements (HRAs) as a new coverage option for employers that do not offer group coverage.
Simply put, the ruling identifies this new option as an Individual Coverage HRA, or ICHRA for short, which as the name implies, allows employers to reimburse all or a portion of an employee’s individually-owned health insurance premiums. In the past, employers were not allowed to reimburse an employee’s individually-owned health insurance premiums, so this is an exciting option that has opened up for employers!
In an upcoming webinar on September 12th, The Department of Labor will be joined by the Internal Revenue Service to discuss the benefits of offering these expanded options, who can offer them, how they work, what responsibilities an employer has, when employers can start offering them, where to find more information, and more.
Flyte HCM will be attending this webinar and will be at your service providing insights into each angle of this new option. Click here for information on the DOL webinar.
Along with great administrative services, Flyte HCM is on the forefront to help with all aspects of this new opportunity. From Plan Design considerations to regulatory hurdles and enrollment, Flyte has you covered. Give us a shout via phone or email to start the conversation today!
Please review Flyte’s library of resources for your convenience:
- Check out our post on the ICHRA ruling for more detailed information.
- Check out our product for the ICHRA, the Health Choice Account.