Employers start sending workers shopping for health coverage

As a substitute of providing a number of choices, some firms are turning medical insurance purchasing over to staff.

A federal rule change final yr stoked this new method. It permits employers to reimburse employees for protection they purchased with out paying a tax penalty.

The idea sends staff to particular person insurance coverage markets the place they’ll discover extra decisions for protection. It additionally protects employers from large annual price spikes. But it surelys an enormous change for employees who’re used to having their employer give them profit decisions yearly.

This new method referred to as an Particular person Protection Well being Reimbursement Association or ICHRA began with protection plans for this yr. Extra employees will possible see them provided this fall throughout their firms annual sign-up window for 2021 protection.

click hear for more Finance Updates

Follow by Email