Here’s a breakdown of the simple steps: Employers put money into employees’ ICHRA accounts, like a bonus for your health. Employees choose an insurance plan that suits them, and employers pay the monthly bill up to a certain amount. Employees can use funds for eligible healthcare costs and should keep receipts handy!

ICHRA for Florida Businesses

Navigating health insurance options for employees can be complex. The Individual Coverage Health Reimbursement Arrangements (ICHRA) offers flexibility and cost control for both employers and employees across Florida.

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What is an Individual Coverage Health Reimbursement Arrangement (ICHRA)?

An ICHRA is an employer-funded health plan that allows businesses of any size to reimburse employees tax-free for qualified medical expenses, including individual health insurance premiums.

It’s an alternative to offering a traditional group health plan, providing greater choice and control for employees who must be enrolled in individual health insurance coverage.

Tax Efficiency: Provide tax-free reimbursements to employees and simplify benefits administration.
Cost Control: Manage insurance spending and contributions while maintaining ACA compliance.
Flexibility: Offer varying benefit levels and allow employees to choose plans that fit their needs.

Custom Plans

Plans can be customized to suit employee needs by offering different benefits based on job-based criteria, age, or family status.

Tax Advantages

ICHRA reimbursements are tax-free for both employer and employee, and do not need to be reported on W-2s.

No Limits

The ICHRA offers flexibility to employers, with no minimum or maximum employer contribution limits or participation requirements.

Who Can Offer an ICHRA in Florida?

Generally, employers of any size can offer an ICHRA, as long as they have one employee who isn’t a self-employed owner or the spouse of a self-employed owner. HRAs are only for employees, not self-employed individuals.

Florida Health Insurance Advisors can guide you through the setup and compliance process. If you are unsure if your business qualifies to offer an ICHRA, or are curious about other requirements, contact us today.

Businesses of all sizes can offer an ICHRA to their employees, making this a flexible option for a variety of organizations
Only applies to W2 employees; self-employed individuals and business owners are not eligible
There are no minimum or maximum contribution limits.
The experts at Florida Health Insurance Advisors can help your business determine eligibility and set up an ICHRA.

Learn How We Can Help

Key Benefit

Employees may select health insurance plans that align with their individual needs and financial constraints.

Employers are able to set limits, and maintain control over healthcare costs.

Ensuring ICHRA Affordability for Your Employees

ICHRA affordability is not only key to compliance but also directly impacts your employees’ eligibility for premium tax credits.

Our Florida Health Insurance Advisors team specializes in navigating the complexities of ICHRA affordability. We’ll analyze your employees’ income and available health plans to determine whether your ICHRA offer meets the affordability threshold – ensuring your employees don’t miss out on valuable tax credits.

Affordability Assessment & Premium Tax Credit Eligibility
We’ll determine if your ICHRA offer meets the affordability threshold and ensure your employees remain eligible for premium tax credits.
Plan Design and Consultation
We’ll help you design an ICHRA plan that balances your business needs and your employees’ financial well-being.

Compliance Support
We’ll assist you with all aspects of ICHRA compliance, minimizing your administrative burden.
Employee Education and Ongoing Administration
We’ll clearly communicate ICHRA benefits and affordability requirements to your employees and provide ongoing support and administration to keep your plan running smoothly.

Pam has been fabulous in helping us to navigate the insurance minefield. Despite our company starting out with only a small handful of participants, she has been with us every step of the way and never treated us any differently. As we have grown, Pam has helped us to offer multiple local and national insurance plan options to our staff and their families, and it’s still just as easy as day one. I highly recommend Florida Health Insurance Advisors to anyone looking for an agent.

Matthew, RENOSI, Inc.

I appreciate the customer service that Florida Health Insurance Advisors rep, Pam has given us. Every time I ask a question she is prompt to answer and always makes sure we understand the process. Thank you Pam.

Sarah R., Hindsight

We have been working with Florida Health Insurance Advisors for several years. They have been invaluable in helping us set up medical and dental coverage for our group plan. Specifically, Pam’s customer service is simply incredible. She always responds to my calls and emails on the same day and usually within an hour. We wouldn’t consider working with anyone else for our insurance needs.

Todd D., Capstone Academy and Preschool

FAQs

If you have questions, would like more information, or a no-obligation quote, please call us at: (888) 267-2656, or email us at: info@myfloridhia.com or click here for a free quote.

Our team of dedicated professionals works with small & medium businesses across Florida, from Tallahassee to Miami, Jacksonville to Tampa to Fort Myers, and everywhere in between.

What is an ICHRA?robert Bowman

What is an ICHRA?

An Individual Coverage HRA, or an ICHRA (pronounced “ick-ruh”), is an employer-funded Health Reimbursement Arrangement (HRA) that increases flexibility for both employers and employees to utilize the Individual Marketplace better. This HRA allows employers of any size or industry to reimburse employees tax-free for qualified medical expenses.

Basically, ICHRAs are the next best thing—and they’ve actually been around since 2020! But there was also a lot going on that year, so if you’re just now hearing about ICHRAs, that’s okay.

How do ICHRAs work?robert Bowman

How do ICHRAs work?

Here’s a breakdown of the simple steps:

Employers put money into employees’ ICHRA accounts, like a bonus for your health.
Employees choose an insurance plan that suits them, and employers pay the monthly bill up to a certain amount.
Employees can use funds for eligible healthcare costs and should keep receipts handy!

Who can offer an ICHRA?robert Bowman

Who can offer an ICHRA?

Any employer with at least one W-2 employee can offer an ICHRA. This includes businesses, non-profits, government entities, and religious organizations.

Who is eligible to participate in an ICHRA?robert Bowman

Who is eligible to participate in an ICHRA?

To be eligible for an Individual Coverage Health Reimbursement Arrangement (ICHRA), an individual must have individual health insurance, be an employee of the offering employer, and meet the requirements of the specific ICHRA class offered.

Can I offer an ICHRA along with a traditional group health plan?robert Bowman

Can I offer an ICHRA along with a traditional group health plan?

Yes, you can offer an ICHRA alongside a traditional group health plan, but with certain restrictions. The ICHRA and group health plan cannot be offered to the same class of employees; they must be offered to separate classes. So, you could offer a group health plan to full-time employees and an ICHRA to part-time employees, for example, but full-time employees cannot be given a choice between the two.

Is an ICHRA allowance considered taxable income?robert Bowman

Is an ICHRA allowance considered taxable income?

No, ICHRA allowances are not considered taxable income. The reimbursements are tax-free for both the employer and the employee, which is a significant advantage of this type of benefit. This means employers don’t have to report ICHRA reimbursements as income on employees’ W-2s, and employees don’t have to pay income taxes on the money they receive.