LAS VEGAS - nvtip -- Beginning in 2020, some employers will have the option of reimbursing employees' health insurance premiums by using an ICHRA as an alternative to providing a group health insurance plan. This change will provide a great deal of flexibility for both employers and employees, letting employers control costs while letting employees find a health insurance plan that will fit their lifestyle.

What Is an ICHRA?

An individual coverage health reimbursement arrangement, or ICHRA, is an employer-funded health benefit used to reimburse employees for healthcare expenses. With an ICHRA, businesses of any size can provide their employees with a monthly allowance of tax-free money that can be used to pay for approved health care services, including individual health insurance.

The Pros and Cons of ICHRAs

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As with traditional employer-sponsored health insurance, ICHRAs have their positives and their drawbacks. If you'll be purchasing health insurance using an ICHRA in 2020, talk to a health insurance agent for guidance.

Pro: ICHRAs are Tax-Free

The ICHRA is a formal IRS-approved benefit, meaning that neither the business nor its employees have to pay payroll tax on the money put into it. On top of that, the employee doesn't pay state or federal income tax on it.

Read the full article: https://www.nevadainsuranceenrollment.com/health/group-options-ichras/

Learn more: https://www.nevadainsuranceenrollment.com/health-insurance/

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com