Individual Coverage Health Reimbursement Arrangements (ICHRAs) can be otherwise described as premium reimbursement plans. Employers establish a plan to reimburse employees for health insurance coverage they obtain on their own; either a plan obtained in the individual health insurance market or through Medicare. Reimbursements are tax-free to employees and tax-deductible to employers.

Flexible Benefit Service LLC (Flex) has been administering Health Reimbursement Arrangements (HRAs) for almost 20 years. We added the administration of ICHRAs to our portfolio of services when they became available on January 1, 2020.

We have two plan options available:

1. ICHRAs that only provide reimbursements for insurance premiums
    
2. ICHRAs that provide reimbursements for insurance premiums and out-of-pocket medical expenses

With our ICHRA administration, Flex will provide employers with required plan documents and notices, we will assist with plan design to ensure compliance with the regulations, and we will process and disburse reimbursements to employees via check or direct deposit. Our participant website and mobile app make it easy for employees to access, view and claim benefits. Employers can kick back, relax, and not have to worry about plan administration.

Our level of service can start and stop with the administration of the ICHRA, but it doesn’t have to! We recognize health insurance is like a foreign language. Having employees fend for themselves to find a health insurance plan can be a confusing and difficult process.

Flex has a sister company, IXSolutions (IX), which serves as our retail extension. IX offers a robust website that makes it easy to review and compare individual health insurance and Medicare plans. Our friends at IX are happy to work with each employee individually to help them find the best coverage option and answer questions on an ongoing basis.

IX can also provide access to other benefits like dental and vision coverage. Even if an employer has an established broker relationship in place, IX has partnership opportunities available.

Want to learn more about ICHRAs?

Visit our ICHRA page for more details.