What’s an ICHRA and is it right for my company?
What is an ICHRA? An Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of employer-funded health benefit that allows companies to reimburse employees for individual health insurance premiums and other medical expenses on a tax-free basis. It offers an alternative to traditional group health insurance by giving employees the flexibility to choose their own […]
ICHRA Events
Special Enrollment Periods (SEPs) allow people to enroll in health insurance plans outside the typical Open Enrollment Period when they experience Qualifying Life Events (QLEs). These events include changes like marriage, the birth of a child, loss of coverage, or moving to a new area. Once a QLE occurs, individuals generally have a 60-day window […]
What are the financial limits for ICHRA employers?
For 2024, health reimbursement limits vary based on the type of arrangement. Individual Coverage Health Reimbursement Arrangement (ICHRA): There is no set limit, allowing employers to offer any tax-free allowance amount for employees to purchase insurance. Health Savings Accounts (HSAs) have contribution limits of $4,150 for self-only and $8,300 for family plans. Flexible Spending Accounts […]
What is better for me? ICHRA vs traditional benefits
An Individual Coverage Health Reimbursement Arrangement (ICHRA) offers several advantages over traditional group insurance, HRAs, HSAs, and FSAs. Unlike traditional group insurance, where employers choose a single plan for all employees, ICHRA provides employees the freedom to select their own individual health insurance plans and get reimbursed for premiums and other medical expenses tax-free. This […]
As an employer, how do I help employees with plan choice?
Pro-Tier is the key source of knowledge for your employees to find and select the best plan for their specific needs. We have 24/7 customer support available by phone, chat and email to answer any questions they may have. As an employer/manager, you do not need to be a healthcare expert – we are here […]
Financial considerations for owners and CFOs
We help owners and CFOs take charge of health benefit budgets using cost-controlled Health Reimbursement Arrangements (HRAs). With nearly 78% of CFOs citing rising health insurance costs as a threat to their business, Pro-Tier offers a smarter approach. As a CFO, you face financial challenges and tight budgets, but with our mission to simplify employee […]