The ICHRA Shop offers a platform for employers to design and administer Individual Coverage Health Reimbursement Arrangements (ICHRAs). It provides employees with a curated marketplace to select and manage individual health insurance plans and simplifies the reimbursement process for eligible expenses.
Funding
Funding not disclosed
Founders
Product
Problem
Employers face challenges in providing health insurance benefits that offer flexibility and cost control, while employees struggle to navigate complex plan selection and reimbursement processes. Traditional group plans can be rigid and expensive, and individual marketplaces lack employer-specific guidance.
Solution
The ICHRA Shop provides a unified platform for employers to establish and administer Individual Coverage Health Reimbursement Arrangements (ICHRAs) and for employees to select and manage their health insurance plans. The platform guides employers through ICHRA design, including allowance determination and eligible expense definition, and facilitates administrative setup. For employees, it offers a curated marketplace to compare various health insurance plans, such as Bronze, Silver, and Gold tiers, with clear breakdowns of deductibles, out-of-pocket maximums, and monthly costs. The system simplifies the reimbursement process by allowing employees to submit receipts for eligible expenses, ensuring they can effectively utilize their employer-provided allowances.
Target Audience
The primary customers are small to medium-sized businesses seeking to offer flexible health benefits and their employees who need assistance in selecting and managing individual health insurance plans funded by an ICHRA.
Features
- ICHRA plan design tools for employers, enabling customization of allowance amounts based on employee class, age, and family size.
- A health insurance marketplace displaying plan details including deductibles, out-of-pocket maximums, co-pays, and monthly premiums.
- Employee guidance on plan selection, with comparative data for different coverage tiers.
- A streamlined receipt submission and reimbursement workflow for employees.
- Employer tools for managing ongoing administration, including new employee onboarding and annual allowance adjustments.
- Resources for employers to fulfill legal notice and communication requirements to employees.
- Support for insurance agents to assist employers in ICHRA setup and employee education.