SureCo Helps Large Employers Adopt New Benefits Model With First-Ever ICHRA Compliance eBook

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Mar 20, 2024, 10:17 ET

SANTA ANA, Calif., March 20, 2024 /PRNewswire/ -- A staggering 42% of large employers are considering the move to an Individual Coverage Health Reimbursement Arrangement (ICHRA) for their upcoming plan year¹. The alternative to traditional group health coverage presents flexible and cost-effective options for companies feeling the squeeze of skyrocketing premiums and limited plan choices.

When implemented correctly, ICHRAs fully comply with the Affordable Care Act and ERISA. With the release of its ebook, "ICHRA Compliance: The Definitive Guide for Large Employers," SureCo aims to empower businesses with over 150 employees with the knowledge and tools they need to understand the ACA's Employer Mandate and avoid common compliance pitfalls that can trigger millions of dollars worth of penalty fines from the IRS.

This free resource is the first of its kind, offering comprehensive guidance on Individual Coverage Health Reimbursement Arrangement (ICHRA) compliance.

"The health insurance market is shifting, and we're at an inflection point for ICHRA adoption," says SureCo CEO and Co-Founder Matthew Kim. "But the regulations that allow for ICHRAs are only four years old, and compliance reporting documentation is still catching up—the regulators even noted certain issues they needed to revisit. This guide provides clarity and nuance for employers and benefits consultants alike."

Readers gain insights on employee classifications, determining affordability, complying with ERISA requirements, deciphering ICHRA forms, understanding intersections with COBRA and Medicare, and more. The eBook concludes with a 2024 ICHRA Compliance Checklist, providing employers with a practical tool for ongoing compliance.

"As more companies transition from traditional group plans to an ICHRA, we expect to see additional compliance guidance from the IRS, Department of Labor, and Health and Human Services," says John Jenkins, SureCo's Head of Compliance. "Our book provides a much-needed first step."

Download "ICHRA Compliance: The Definitive Guide to Navigating ACA Compliance for Large Employers" at sureco.com/download-2024-compliance.

About SureCo
SureCo, its subsidiaries, and its partners are at the forefront of healthcare change in the U.S., serving businesses, benefits consultants, and consumers. Established in 2015, the company develops pioneering programs and solutions that promote improved health while lowering healthcare costs and improving the quality of care. SureCo leads the industry in new care options, technology, and administration opportunities. Its mission is to create a better healthcare system for all working Americans. For more information, visit www.sureco.com.

¹SureCo's 2024 State of Employee Health Benefits. Data was collected by independent market research firm Censuswide between January 3, 2024, and January 11, 2024, from a nationally representative sample of HR and Finance leaders at companies with 150-2,500 employees.

Media Contact: Adam Romero, [email protected]

SOURCE SureCo