When you’re in charge of your company’s health benefits plans, you want the most cost-effective solution for the business, but you also want to make sure your employees get the great coverage they deserve. With an Individual Coverage Health Reimbursement Arrangement (ICHRA), you can have both. ICHRAs help companies save on double-digit renewal rates with group plans and allow employees the ability to choose customized plans tailored to their specific needs from the individual market. While some people still believe individual and family plans don’t provide the same coverage as traditional group plans, we’re here to tell you that is 100% false. With proper communication, your employees will be happy to learn that plans on the individual market now offer a wide array of benefits that extend beyond the conventional. Below, we take a look at some of the surprising benefits found on the individual market.
- In-Vitro Fertilization (IVF): IVF is a medical procedure that can be life-changing for couples struggling with infertility. Depending on your state, many individual market plans, including United Healthcare, Aetna, Cigna, and Blue Cross Blue Shield can all potentially provide coverage for IVF treatments. This is a significant step forward in recognizing the importance of reproductive health and offering support for those seeking to start or expand their families.
- Gastric Bypass and Weight Loss Surgeries: Health insurance plans on the individual market have embraced a more holistic approach to wellness, including coverage for bariatric surgeries like gastric bypass. These procedures can play a vital role in improving overall health and reducing the risk of obesity-related illnesses. While you may need to meet certain conditions for eligibility, many ACA-compliant healthcare plans are required to cover weight loss surgeries.
- Mental Health Services: In recent years, mental health awareness has gained substantial traction, and health insurance plans are keeping pace. Many individual market plans now offer comprehensive coverage for mental health services, including therapy and counseling. This shift highlights the recognition of mental well-being as an integral part of overall health.
- Alternative Therapies: If you thought alternative therapies were excluded from individual market plans, think again. Among major carriers, 91% cover chiropractic care, and many plans also now provide coverage for complementary and alternative treatments such as acupuncture and naturopathy. This recognition of various approaches to healing underscores the importance of individual preferences and holistic well-being.
Every plan is different, but with ICHRA, employees are given the freedom to evaluate individual plans available to them on the marketplace, and to prioritize one that provides coverage for what’s most important for their own health rather than having a pre-selected group plan with no flexibility. To find out if a plan has these features—or more!—the Affordable Care Act requires that all insurance companies have a Summary of Benefits and Coverage, including coverage examples that allow for comparison of what the plan would generally cover in two common medical situations. By embracing the evolving landscape of healthcare, you're not only providing your team with quality coverage but also affirming your dedication to their well-being, growth, and happiness.
To answer more of your questions about ICHRAS, see our comprehensive FAQ guide.
