The modern benefits marketplace platform powered by ICHRA

The Choice Benefits Marketplace allows employees to shop, enroll, and manage benefits in one place. Employees can compare individual health insurance plans and voluntary benefits while using employer-funded contributions through Choice Arrangements. 

An Individual Coverage Health Reimbursement Arrangement (ICHRA) allows employers to reimburse employees tax-free for individual health insurance and qualified medical expenses. Instead of offering a traditional group plan, employers provide a monthly allowance, and employees choose their own coverage. 

 For many employers, ICHRA provides more flexibility and cost control than traditional group health plans. Employers set a predictable budget while employees gain the ability to choose individual health insurance that fits their needs. 

 Employees can enroll in a range of benefits, including:

• Individual health insurance
• Child-only health plans
• Life insurance
• Accident coverage
• Critical illness protection
• Cancer insurance
• Telehealth services
• Supplemental and voluntary benefits

This allows employees to build a benefits package that fits their personal needs.

Employees can pay for eligible benefits using employer-funded contributions through the Choice Benefits platform. Benefits can be managed online through the employee marketplace and enrollment tools. 

Employees can pay for eligible benefits using employer-funded contributions through the Choice Benefits platform. Benefits can be managed online through the employee marketplace and enrollment tools. 

Many employers adopt ICHRA because it allows them to control healthcare costs while giving employees more flexibility when choosing health insurance plans 

Yes. Because employees choose individual health insurance plans, they may be able to keep their coverage even if they leave their employer, depending on the plan they selected. 

Employers offering ICHRA must follow several compliance rules including ERISA documentation, plan notices, and reimbursement guidelines. In some cases, employers may also need additional documentation such as an ERISA wrap document to properly structure their benefits plan. 

Some ICHRA vendors provide only basic plan documents and may not address broader ERISA compliance requirements. If your current plan documentation does not include an ERISA wrap structure, it may be worth reviewing your benefits program. Choice Benefits can help evaluate your setup and provide guidance on proper documentation. 

Contact us if you’d like help reviewing your current benefits setup.

Employers of any size can offer an ICHRA to employees. Businesses can use ICHRA as an alternative to group health insurance or to provide benefits to specific employee classes.