While few plan on falling ill, it is critical to plan for the unexpected, making health insurance a necessary expense for many Americans. Health insurance helps protect from unanticipated medical costs and encourages preventative care.
Great health insurance options from employers can help employees know they are valued, increasing job satisfaction and employee retention. Many employees factor in health insurance options from employers when looking for a job, so employers should take the plans they offer their staff seriously. There are countless health insurance options on the market, so employers must weigh their options before deciding which plan is right for them.
Individual Coverage Health Reimbursement Arrangements (ICHRAs) are a new way to provide health insurance and a smart choice for employers. This fairly new type of health reimbursement plan allows employers to reimburse their staff for some or all of the premiums employees pay for health insurance purchased on their own. First becoming available in 2020, ICHRAs offer employers more flexibility in how much they choose to reimburse and are not dependent on an employer’s size. This reassures employers that they can provide quality health insurance without breaking the bank, instilling confidence in their healthcare decisions.
ICHRAs are not just a new trend, they are a solution to the diverse needs of your workforce. Many individuals are moving away from the ‘one-size-fits-all’ model of health insurance, and ICHRAs are becoming a tempting option for both employers and their employees. This is because ICHRAs offer the flexibility that employees are often looking for, allowing them to customize their health insurance to fit their specific needs. This flexibility even extends to different employee classes like full-time, part-time, and seasonal employees, fostering a sense of inclusivity and understanding in your workplace.
ICHRAs are not just about the benefits they offer, they are about empowering your employees. Unlike traditional health insurance plans, ICHRAs allow employers to set budgets, giving them more control over their healthcare costs. This flexibility and control extend to your employees, who can now select the healthcare plans that best meet their unique needs. They are in a better position to shop for insurance on the individual insurance marketplace, feeling more valued and in control of their healthcare decisions.
This flexible and relatively new health insurance option is a modern approach to traditional group health insurance. Thatch, a company aiming to bring better benefits at lower costs for both employers and their staff, helps businesses provide ICHRAs, the new and modern approach to health insurance. Thatch is an all-in-one platform that lets employers set their budget and employees decide how to spend it.
Allowing your employees the opportunity to find healthcare that is tailored to them and working with a budget that empowers them to make the best healthcare decisions can generate a happier and more productive work atmosphere. Even better, ICHRAs are portable, meaning that employees can take their healthcare benefits with them should they decide to change jobs or locations and value the continuity of care.
As a portable, adjustable, and customizable plan for companies of all sizes, businesses seeking to choose ICHRAs want to offer their employees a more personalized healthcare experience and reap the benefits of expressing their gratitude for their staff.
Members of the editorial and news staff of the Las Vegas Review-Journal were not involved in the creation of this content.