New Individual Coverage HRA Turns the Clock Back To Pre-ACA Health Care Options

It’s a fact. The Affordable Care Act (ACA) destroyed many benefits provided by the Section 105 medical reimbursement plan.

To rectify this, the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), introduced in 2017, did help to some extent. How? By letting employers with fewer than 50 employees, reimburse certain health care costs up to a set limit … and without worrying about the $100-per-day-per-employee penalty.

Here’s even better news.

Starting January 1, 2020, you will be able to offer a new type of HRA called the Individual Coverage HRA (or ICHRA).

It lets you reimburse employees for some or all of their individually purchased insurance premiums, in addition to other qualified medical costs, up to any amount you choose. Plus, there’s (a) no limit on rollover amounts (if you want them) or (b) on the size of the employer that can participate.

The bottom line? The ICHRA could be a great way to help your employees get the health benefits they need. To find out more, read my new article titled New Individual Coverage HRA Turns the Clock Back to Pre-ACA Health Care Options.

Three ways our fact-filled article can help you:

1. We’ll tell you more about why the new ICHRA is like a QSEHRA Plus. The helpful QSEHRA option is still available for small employers, but the ICHRA offers more. A lot more. We’ll list six tremendous benefits the new ICHRA provides when you read the full article.
2. We’ll explain business-owner eligibility. It’s important to remember that the ICHRA is a plan designed to help employees. However, if you own a C corporation, you and your employees are both eligible to participate in the ICHRA. What about more-than-2-percent S corporation owners and their family members, and sole proprietors You’ll get the whole story when you read the full article.
3. We’ll give you the facts about employee eligibility. An ICHRA is available only to employees enrolled in individual coverage or Medicare. What’s the story if you already offer a traditional group health plan? We’ll answer this and many other questions when you read the full article.