The COVID-19 pandemic has shut down most employers’ efforts to experiment with new types of benefit plans.
But, eventually, when employers have time to consider individual coverage health reimbursement arrangement (ICHRAs) and qualified small employer health reimbursement arrangements (QSEHRAs), financial advisors may have a shot at winning ICHRA and QSEHRA sales away from traditional benefits brokers.
Inci Kaya and Mike Trilli, analysts at Aite Group LLC, talk about the future of ICHRA and QSEHRA in a new personal health benefits account report.
- A link to the Aite report, which is behind a paywall, is available here.
- An article about birth of the ICHRA market is available here.
A QSEHRA lets an eligible smaller employer give workers cash they can use to pay for their own health coverage. The current limits are $5,250 for employee-only coverage and $10,600 for family coverage.
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An ICHRA lets an employer of any size provide an unlimited amount of cash employees can use to buy their own coverage. To set up an ICHRA program, an employer must comply with antidiscrimination rules and other rules.
The final QSEHRA regulations came to life in 2017.
The ICHRA program began to start up last summer.