Individual coverage health reimbursement arrangements (ICHRAs) became available as a new employee benefit in January 2020 under IRS regulations issued by the Trump administration in June 2019. As ICHRAs approach the end of their initial year, consultants and firms that administer the accounts weighed in on the benefit’s future.
With ICHRAs, pronounced “IK’-rahs,” employers subject to Affordable Care Act (ACA) coverage requirements could opt to pay for employees to purchase their own health insurance coverage on the ACA marketplace or through an insurance broker, rather than providing an employer-sponsored group health plan. Among a few ICHRA facts to keep in mind:
Click HERE to read full article.