Would an ICHRA be the Right Fit for Your Business?

The Affordable Care Act (ACA) changed the game when it changed the way that health insurance is purchased and provided to employees.  For decades, small businesses struggled to provide health benefits to employees due to continuously changing regulations and high costs.  This is where the Individual Coverage HRA (ICHRA) steps in.

The Individual Coverage Health Reimbursement Arrangement (ICHRA) allows for businesses to provide money, on a tax-free basis, to employees to use towards their eligible health care expenses. 

The BASE® ICHRA provides a health benefit that better fits the needs of both employers and employees.  It helps to streamline benefit options and cut the cost without reducing value when it comes to the health benefits an employer provides their employees. 

Would your business benefit from…

Cost Savings.

One of the biggest benefits of the ICHRA is that it can save businesses money on health insurance costs.  By not providing a traditional group health plan, the employees can choose their own individual health plan and be reimbursed a certain amount each month, saving both the employer and employee on health insurance premiums.

Increased Employee Satisfaction.

The ICHRA can provide employees with more control over their health care choices.  They get to pick a plan that fits their needs resulting in an increase in employee satisfaction.  Satisfied employees are more than likely to stay with a company that offers benefits that fit their needs.

Recruitment Opportunities.

Small businesses struggle when it comes to competing with larger companies who can provide a comprehensive health benefits package to their employees.  But by offering the ICHRA, small businesses can level the playing field by providing a more attractive benefits package. 

Budget Friendly.

The ICHRA allows small businesses to set a budget that fits their bottom line and makes it easier to predict their monthly costs.  While allowing them to contribute to their employees’ health insurance. 

Design Flexibility.

Long gone are the days of one-size-fits-all.  The ICHRA can be designed to meet the specific needs of the business such as set different contribution limits for different categories of employees. 

…then the ICHRA might be the perfect fit for your business. 

The ICHRA is a great option for small businesses wanting to provide health benefits to their employees.  To learn more, contact BASE® at 888.386.9680 or visit www.BASEonline.com.

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