PeopleKeep Flutters the Individual Coverage HRA Market Curtain

The new individual health coverage health reimbursement arrangements (ICHRAs) really do exist, and PeopleKeep Inc. says it has helped “hundreds of employers throughout the United States” set them up.

The Salt Lake City-based health reimbursement arrangement (HRA) administration software company says its client employers are using ICHRAs to offer an average of $5,971 per year for single employees and an average of $12,892 for employees with families.

Resources

• The PeopleKeep update on the ICHRA market is available here.
• An article about the ICHRA regulations is available here.

An ICHRA is a health account arrangement that lets employers of all sizes provide cash that employees can use to buy their own individual health coverage.

The administration of President Donald Trump completed work on the final ICHRA regulations in June.

Another HRA-based “cash for coverage” program, the qualified small employer HRA (QSEHRA) program, is available only to small employers.

The early ICHRA allowance totals seem to be much higher than the QSEHRA totals, according to PeopleKeep.

At PeopleKeep, employers with QSEHRAs are providing $3,360 per year for single employees and $5,971 per year for employees with families.

— Read 3 Ways to Make ACA Uncertainty Lemonade for 2017, on ThinkAdvisor.

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