The individual coverage HRA (ICHRA) is a Health Benefit for organizations of all sizes to reimburse their employees, tax-free, for individual health insurance premiums and other qualifying out-of-pocket medical expenses. It allows employers to design and customize a health benefit for their employees that will fit their needs.
There are many rules surrounding the ICHRA that can change from year to year, and understanding these requirements is key to staying compliant.
One of the first steps in setting up an ICHRA is to create formal plan documents which are required by the Employee Retirement Income Security Act (ERISA) and the IRS.
In this article, we’ll go over why your organization needs ICHRA plan documents, what the documents must include, and the options you have to create those documents, including using an HRA administration software like PeopleKeep.
Check out our guide on how to self-administer an ICHRA
This post first appeared on Small Business Employee Benefits And HR, please read the originial post: here
