The individual coverage Health Reimbursement Arrangement (ICHRA) is an alternative to offering a traditional group health plan to your employees. ICHRA plans are ACA compliant comprehensive major medical plans offered by trusted carriers like Blue Cross Blue Shield.
ICHRA allows employers to provide defined non-taxed reimbursements to individual health insurance premiums. With ICHRA, there are no participation requirements, and employees can choose whatever health insurance plan is best for them and their family. Most plan sponsors allow for a list-bill which gives employees the convenience of paying their portion through payroll deduction.
Many employers find that ICHRA offers more flexibility and the potential for significant cost savings compared to a traditional group plan.
Southeast Insurance Group in Columbia, SC works as a team to meet the needs of our clients. We combine industry expertise, innovative products, creative problem solving, and responsive customer service with cutting edge benefits administration technology and communication. These tools and services create a wholistic benefits program that achieves and surpasses the goals set by our clients.
Previous group health insurance monthly premium = $10,450
New ICHRA health insurance monthly premium = $6,250
Monthly Savings: $4,200
Annual Savings: $50,400
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