Individual Coverage HRAs Give Employers a New Tool to Combat Rising Costs
DALTON, Ga.–(BUSINESS WIRE)–As group health insurance premiums continue to rise throughout Georgia and the nation, employers large and small are turning to an innovative new solution to lower their costs.
ICHRA (pronounced ICK-rah) stands for Individual Coverage HRA – a federal program first introduced in late 2018. ICHRA helps organizations offer an alternative way to provide health insurance. Many employers are reaping savings in the 10-20% range.
Employers are turning to HRASimple to help them set up and administer their own ICHRA. In addition to financial savings, these organizations are reducing the time and hassle of choosing and managing a traditional group health insurance plan.
HRASimple lets employers fund individual employee accounts with tax-free dollars. In addition, the powerful, web-based platform helps employees choose the individual health plan that’s right for them and makes premium payments each month on their behalf. Employees use their tax-free funds to pay for qualified medical expenses.
According to Mark Mixer, CEO of HRASimple, “ICHRA is a powerful tool that employers should consider. HRASimple is helping organizations take full advantage of ICHRA benefits for employers and employees alike. It’s a win-win.”
HRASimple is a powerful, web-based platform that enables employers to administer their own ICHRA. Organizations save on average 15% compared to group health insurance. HRASimple was the first in the nation to administer an ICHRA for an employer with more than 2,000 employees. HRASimple is helping Hamilton Health Care System save over $7.2M in 2021 (a 20% savings). HRASimple is a HealthOne company. HRASimple is a HealthOne company which is a founding member of the HRA Council (HRACouncil.org).