Individual Coverage HRA Takes off in 2021 “ICHRA”

As the ACA individual ACA market on and off the federal exchange continues to gain strength and rates stabilize, ICHRA plans for employers small and large will be an alternative to increasing group rates. Unlike its predecessor, QHSERA, the new ICHRA plans can accommodate larger groups and does not limit the employer contribution. Employers offering a new ICHRA plan in 2021 also can offer a special enrollment period into the ACA market for participating employees. This “defined” contribution health arrangement allows great flexibility in plan choice and no participation requirements. NUB plans to use at least two TPA’s in 2021 to administer ICHRA”s for our brokers’ clients.

Check out the CMS Summary Page on ICHRA

John Dodd x114