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Great News For Employers To Help Employees With Individual Health Insurance Premiums

Posted on Thursday, November 21, 2019 at 6:36 PM
Employer Health Insurance assisting with Employees health premiums

Starting on January 1, 2020, employers will be able to help their employees pay for qualified medical costs—such as premiums for an Individual Marketplace plan—through a new reimbursement arrangement. This individual coverage health reimbursement arrangement (also known as an Individual Coverage HRA) is an alternative to a traditional group plan that allows employees to select their own plan on the individual market.

Here are a few important details you should know about Individual Coverage HRAs:

  • An Individual Coverage HRA offer may affect a consumer’s eligibility for financial assistance (advance payments of the premium tax credit and cost-sharing reductions) through the Marketplace. Generally, if an Individual Coverage HRA offer is considered affordable (based on the employer’s contribution amount and the lowest cost silver plan available) the employee won’t be eligible for financial assistance through the Marketplace. If an offer is not affordable, an employee may opt out of the Individual Coverage HRA in order to be PTC-eligible.
  • Consumers who have an Individual Coverage HRA with a start date of January 1, 2020 will need to enroll in individual health insurance during the annual Open Enrollment period, unless they are eligible to enroll in Medicare. (If their employer chooses a later start date, consumers may qualify for a special enrollment period.)
For more information, or assistance with one of these plans, call our Benefits Team at (814) 455-0987 x 119.

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