WHAT IS ICHRA?
THE BACK STORY
ICHRA (Individual Coverage Health Reimbursement Arrangement) is a type of employer-sponsored health benefit introduced in 2020. It allows employers to reimburse employees tax-free for their individual health insurance premiums and other qualified medical expenses, instead of offering a traditional group health insurance plan. Here’s an overview of how it works and its key features:
- Employer Contribution: Employers set a monthly allowance for each employee, which they can use to reimburse individual health insurance premiums and/or qualifying medical expenses.
- Employee Choice: Employees select their own health insurance policies that meet their needs. These plans must comply with Affordable Care Act (ACA) standards.
- Tax Benefits: Reimbursements made through an ICHRA are tax-free for employees. Employers can deduct the reimbursements as a business expense.
- Flexibility in Plan Design: Employers can design the ICHRA to fit their workforce by: full-time, part-time, seasonal, etc.
- Compliance: ICHRA must solve ACA affordability requirements if the employer is subject to the employer mandate (applicable to companies with 50+ full-time employees).
SIMPLY ICHRA
Built for the hourly workforce, Mi-Comply ensures your business stays ahead of regulations while empowering your workforce with confidence and security. Imagine a solution so elegant and intuitive that it captures the admiration of your employees while subtly reducing their need for active participation. With Mi-Comply, your employees have the freedom to choose major medical healthcare if they need it, and if they don’t want it, then you, as the employer, have no involvement.
YOUR ROCKSTAR IS ON STAGE
MI-COMPLY
NEED MORE?
DO MORE WITH MI-ENHANCED
Recognizing there had to be a top down and bottom-up approach to address objectives when moving to ICHRA , Mi-Enhanced is an approach putting the employee first simplifying all the moving parts and becoming the vehicle of delivery, for ICHRA.
