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Smarter Healthcare Coverage
for Employers
Tomorrow’s employer-driven employee health care coverage is here today.
All employers want their employees to have health benefits, but don’t want to be the benefit administrator of their employees. After all, they’ve got a business to run. What they want is a stress-free, hassle-free program that affordably addresses the health care needs and expenses of their employees. That program and solution is CarynHealth/ICHRA.
What is CarynHealth/ICHRA?
CarynHealth/ICHRA (Individual Coverage Health Reimbursement Arrangement) allows employers to fund their employees’ healthcare by reimbursing them for the health plan of their choice and qualified medical expenses—without directly managing insurance plans.
Smart, Stress-Free Administration:
CarynHealth/ICHRA handles program administration, ensuring a smooth integration with existing systems and eliminating complexity.
How it works:
- Employer Sets Contributions: Employers determine a set dollar amount for different employee classes to cover anticipated healthcare costs.
- Employee Chooses Coverage: Employees purchase their own health plans — on or off ACA exchanges — and pay for qualified medical expenses.
- Simple Reimbursement: Monthly allowances are loaded into an online account with a virtual debit card for easy expense reimbursement.
- Tailored Benefits: Employers can set uniform contribution amounts or customize by employee class
Why CarynHealth/ICHRA?
- Employee Choice: it’s the employees that select the plan that fits their needs.
- Cost Control: the employer sets predictable contributions, avoiding premium hikes.
- Reduced Overhead: the administrative burden of managing group health plans is gone.
- Happier Teams: the employers can now offer valuable, flexible benefits without the stress and escalating costs that usually come with them.
ICHRA, short for Individual Coverage Health Reimbursement Arrangement, is a health care benefit model which began in 2020, that lets employers reimburse employees for their own health insurance premium payments and certain qualified medical expenses.
- 20% of U.S. companies offered ICHRA plans in 2023, that figure expected to have doubled in 2024
- ICHRA-offering U.S. companies is 64% higher than the previous year
- 171% more employees were offered an ICHRA program than the previous year
ICHRA offers employers a way to give their employees more control over their healthcare expenses while preserving predictable costs for the company.
Sources: Centers for Medicare and Medicaid Services (cms.gov); Employee Benefit News (ebn.com)
CarynHealth/ICHRA for the Employer:
Low cost end-to-end ICHRA administration solution that includes:
- Self-service employer portal access
- Choice of On and Off exchange ICHRA plans and Qualified Medical Expenses (QME)
- ICHRA benefit election, substantiation, and premium requests integrated with partner-curated insurance products
- Bundle payments with TPA solution
- “Employee low-touch” payment loop
- HITRUST compliant information security
- Waiting period
- Annual notices
- Real time decision support reports, KPI and analytics dashboards for savings comparisons
- Real time balance adjustments and closing of ICHRA accounts as well as robust reconciliation tools
- Plan and contribution choices
CarynHealth/ICHRA for the Producer/Broker:
- Self-service Producer/Broker portal access that includes agent enrollment
- Efficient & effective iterative quoting process based on “what if scenarios”
- Easy configuration
- Real-time dashboard KPI
- Integrated Assist functionality to guide and enroll prospects to close sales quickly
- Reporting and reconciliation segregated by employer hierarchies
- Ease of adding additional plan choices and Qualified Medical Expenses (QME)
- Scalable for high volume of employers
CarynHealth/ICHRA for the Employee:
- Self-service employee portal with intuitive tools to help employees to see baseline plan
- Choice of On- and Off-Exchange ICHRA plans and Qualified Medical Expense (QME)
- Preserve control over their healthcare dollars
- Live call center support
For details and demos, contact CarynHealth’s Steve Roberts at
CarynHealth provides a better path towards a great health care experience for organizations that are providing health care insurance and sharing programs.
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