ALLOWS FOR THE REIMBURSEMENT OF INDIVIDUAL HEALTH INSURANCE PREMIUMS
This HRA is almost like a hybrid of the Integrated HRA and QSEHRA. The primary intent of the Individual Coverage HRA (ICHRA) is to allow for the reimbursement of individual health insurance premiums, but other out-of-pocket expenses can be reimbursed. It will be available to employers of all sizes, and it requires employees to be covered by an individual health insurance plan or Medicare to be eligible for reimbursement.
ICHRA plans are subject to the IRS mandates for ACA reporting and are required to file Forms 1094 and 1095 each year, regardless of the number of employees.
To learn more about this product, call our HRA expert, Naomi at (320) 214-2923.