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| HORIZON EMPLOYER CHOICE PLANSIndividual Coverage Health Reimbursement Arrangement (ICHRA)Don’t stress over rising health insurance costs or what goes into administering a benefits package.Set an amount you are comfortable contributing each month. Let your employees choose a plan that fits their needs! |
| TAX SAVINGS• Contributions are a deductible expense for employers.• ICHRA contributions are excluded from the employee’s gross income and are not taxable.• Employers and employees may save additional taxes/costs through payroll deduction. BENEFITS TO EMPLOYER• Defined Contribution! You set the contribution year to year, and it will not change unless you decide.• Your employees have different coverage needs and an ICHRA allows each person to accommodate that need.• Administration is through Group Solutions. BENEFITS TO EMPLOYEE• Each employee can choose the health insurance plan that best fits his or her individual family needs.• Employees save money with access to BlueCross discounts and network. |
| JOURNEY TO AN ICHRA – It’s as easy as 1, 2, 3Set Strategy: Determine budget and objectives• Provide census and funding strategy for affordability calculator• Define classes of employees• Set the employee allowance amount- There are no minimum contribution requirements or maximum contribution caps with an ICHRA. Employers can offer each class a different allowance amount. They can also choose to offer different allowance amounts based on an employee’s age or family size. Move Forward: Choose a start date• Your ICHRA plan can begin any month of the year; short plan year available (Jan. 1 renewal)• Send 90-day notice to employeesImplement & Enroll: Employer and agent complete paperwork and schedule implementation call • Special enrollment period — time to shop!- ICHRA creates a special enrollment period for 60 days• Agent to help employees shop and enroll in coverage• Implementation call- Discuss and activate funding |
| HAVE QUESTIONS? Joseph TalericoAccount Managerjoseph_talerico@horizonblue.com 862-410-9249 Or Contact your agent, broker or email: ICHRAEmployerChoice@Horizonblue.com |