ICHRA Plan Options in Boise: Find Your Ideal Healthcare Choice | Chris Antrim CLTC

What are the ICHRA Plans?

If you live or work in Boise, you may have heard of Individual Coverage Health Reimbursement Arrangements (ICHRAs). ICHRAs are a new type of health insurance plan that offers many benefits to individuals and small businesses. In this section, we will explore what ICHRAs are, how they work, and their availability in Boise.

An ICHRA is a type of health insurance plan that allows individuals and small businesses to provide healthcare benefits to themselves or their employees. The key feature of ICHRAs is that they are customizable. This means that you can choose the coverage that best suits your needs, rather than being limited to a specific set of benefits.

Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of employer-sponsored health benefit that lets businesses help their workers pay for health insurance premiums and other eligible medical costs without having to pay taxes on the money. ICHRA plans are different from standard group health insurance plans in that they give employees more freedom and choice in choosing their own health insurance coverage.

How do ICHRAs Work?

With an ICHRA plan, you first select a specific amount of money (called a defined contribution) that you would like to allocate for healthcare costs. You can then use this contribution to reimburse yourself or your employees for healthcare expenses such as premiums, copays, and deductibles. ICHRAs are designed to be flexible, so you can adjust your contribution amount as your healthcare needs change.

Employers use an ICHRA health insurance plan to decide how much they will pay back to their staff. All employees in a class must be subject to the same terms, albeit older employees and those with more dependents may be eligible for higher compensation. There is no annual reimbursement cap, unlike with a QSEHRA.

Employers use an ICHRA to send out notices every year and at least ninety days prior to the start of coverage. It must cover, among other things, how the ICHRA and the premium tax credit interact. For this, a sample notice is offered.

Workers buy individual health insurance through the ACA exchange or directly from a provider. If qualified, they may also sign up for Medicare. Every time an employee requests reimbursement, their employer has the right to ask them to demonstrate that they, together with any qualifying dependents, have individual coverage.



Employees may consent to pretax wage reductions through a cafeteria plan in order to make up any shortfall in the event that the ICHRA is unable to pay the full cost of the individual coverage premium. Only insurance policies acquired outside of the ACA exchange are subject to this regulation.

Participants qualified for insurance coverage under an ICHRA shall have the option to waive future reimbursements for themselves and their families at least once a year.

Availability in Boise

ICHRAs are available in Boise as well as in other cities and states across the country. They are an excellent option for individuals and small businesses who are looking for more control over their healthcare coverage. As ICHRAs are a relatively new type of plan, it is important to work with an experienced insurance provider who can guide you through the process of selecting and setting up an ICHRA plan.

Plans for the ICHRA:

• ICHRA Integrated: This type of ICHRA can be offered along with a standard group health insurance plan, usually for different employee classes. The ICHRA is not open to employees who can get the standard plan.
• ICHRA Excepted Benefit: This choice gives a smaller amount of money back and can be used to pay for certain benefits, like the premiums for dental and vision insurance or short-term insurance plans with a limited time frame.
• ICHRA Individual Market: In this model, workers buy their own health insurance plans on the market or through a broker. The ICHRA then gives them money back for qualifying costs.
• ICHRA Qualified Small Employer HRA (QSEHRA): The QSEHRA is similar to an ICHRA, but it is made for small companies with fewer than 50 workers. It reimburses hospital costs and insurance premiums without tax consequences.

If you are interested in learning more about ICHRAs and how they can benefit you or your business, contact Chris Antrim Insurance today. Our team of experts can review your current coverage and help you find the plan that is right for you.

We offer Health Insurance on and off the exchange, Medicare Advantage and Supplements, Life Insurance, Final Expense, and Long Term Care. Call 208-203-7776 to schedule your consultation today.

Individual Coverage and Health Reimbursement Arrangements in Boise

Individual Coverage Health Reimbursement Arrangements, or ICHRAs, are an excellent choice for individuals seeking customizable healthcare solutions in Boise. With ICHRAs, individuals can tailor their coverage to meet their specific healthcare needs. Additionally, ICHRAs offer the potential for significant cost savings on healthcare expenses.

To be eligible for an ICHRA, individuals must be enrolled in an individual health insurance plan. Once enrolled, individuals can set a custom contribution amount to their ICHRA, which will then be reimbursed for eligible healthcare expenses. This provides individuals with the flexibility to choose the coverage that suits their needs while potentially saving money on healthcare costs.

Small Business Health Reimbursement Arrangements in Boise

Small businesses in Boise can benefit from offering their employees Individual Coverage Health Reimbursement Arrangements (ICHRAs) as a health insurance option. With ICHRA plans, small businesses have the flexibility to choose the specific coverage options that fit each employee's needs.

ICHRAs allow small businesses to save money on healthcare costs by setting a custom contribution amount for each employee. These contributions are tax-deductible for the business and tax-free for the employee, providing potential tax savings for both parties.

• Advantages of ICHRA Plans for Small Businesses in Boise
• Flexibility to choose from a wide range of health insurance options
• Customizable coverage options for each employee
• Potential tax savings for both the business and the employee