Gravie announces a new ICHRA solution for businesses following new 2020 regulations that allow for company-funded, tax-advantaged contributions to individual HRA plans
Employers can control costs, provide more choices to employees, work with Gravie experts to implement the new benefit
Oct 11, 2019, 15:22 ET
MINNEAPOLIS, Oct. 11, 2019 /PRNewswire/ -- Minneapolis-based health insurance marketplace and benefits partner, Gravie, is announcing an individual coverage health reimbursement arrangement (ICHRA) solution in the wake of newly issued regulations. Starting Jan. 1, 2020, employers of all sizes can take advantage of the new ICHRA regulations allowing them to use tax-advantaged dollars to subsidize employees' premiums in the individual health insurance market. The new ICHRA regulations provide more flexibility for employers, more personalized coverage for employees, and level the playing field for small to midsized businesses by providing a tax-advantaged way for them to finance their employees' health insurance.
Gravie has been at the forefront of improving the way employers and employees purchase and access healthcare since 2013, and is among few partnering with employers to offer this new health benefits solution. "The newly issued ICHRA regulations align well with Gravie's model, which has always been based on cost control and flexibility for employers and more choice for employees," said Abir Sen, co-founder and CEO of Gravie.
Through an ICHRA with Gravie, the employer determines their benefits budget and how much money they want to contribute to each employee to purchase health benefits. Employees use the money from their ICHRA to put towards the cost of purchasing individual health plans through Gravie's marketplace.
Cost-control and flexibility are the main advantages of an ICHRA. Through an ICHRA, employers have significant flexibility in setting the amount of money they make available to their employees to purchase health benefits. There are 11 employee classes defined by ICHRA regulations, and employers can choose to offer ICHRAs to a subset of these employee classes, within certain parameters.
With Gravie, employers also benefit from a partner who takes on much of the work that neither employers or employees want to deal with when it comes to choosing and managing health benefits. Gravie offers year-round Gravie Care for their clients – benefits experts on hand to support employees through purchasing and enrolling in a plan, and throughout the year by answering questions related to claims, network coverage, procedure and prescription costs, and more.
The current U.S. presidential administration estimates that approximately 800,000 employers will take advantage of ICHRA to contribute to more than 11 million employees and their families. Gravie is already in the process of transitioning several of their current employer customers to this new model and onboarding new employers specifically for this solution.
Employers interested in Gravie's new ICHRA solution should call 844.540.8701 or email [email protected].
About Gravie
Gravie was founded in 2013 on the basis that the healthcare industry should be driven by the needs of the consumer, not the other way around. Gravie's leaders have started and led some of the most innovative, industry-changing healthcare companies in the last decade—always building products and services around the needs of the consumer. At Gravie, the mission to improve the way employers and employees access healthcare continues. With innovative benefits solutions that offer cost savings and flexibility for employers and more choice and better coverage for employees, Gravie is upending the traditional model. Gravie has served over 900 employers and over 62,000 individuals across the U.S. To learn more visit www.gravie.com.
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