Offer health insurance benefits to your employees tax-free!
Businesses of any size can offer plans with more savings, cost control, and choice than traditional group plans.
“Peak Health Alliance is a unique, community-based initiative that’s helping lower the cost of healthcare in western Colorado. Our goal is to ensure that residents and small businesses have a voice when seeking better health outcomes in their community.”
For the 2021 plan year, Peak Health Alliance is excited to introduce a new health insurance product for small business called “ICHRA” (pronounced ‘ICK-rah’). ICHRAs will allow businesses of any size to contribute an amount they determine, tax-free, to their employee’s health insurance premiums.
This is a fantastic benefit for a small business owner who can now offer health insurance as a recruitment and retention tool to both full time and part-time or seasonal workers. Businesses can determine the amount of the contribution, then the employee will use the individual marketplace to find a plan that fits their budget and situation best.
With an ICHRA, employers keep control of the cost, and employees get the choice and flexibility that a traditional group plan can’t offer—no more force-fitting everyone into a single group plan! Plus, employers can create groups of employees, within certain criteria, and offer different amounts to different types of employees. Employees can add dependents, and choose among the comprehensive, ACA-compliant plans available in the individual marketplace.
Today, some employers already contribute extra money for health insurance. But that is taxed as income. Not with an ICHRA. That, along with the potential to save significantly over the cost of a traditional group plan, is why we expect ICHRA plans to be very popular with our business community.
The LLCEDC will be highlighting key partners and members. Sustaining, growing and maintaining the future of Leadville/Lake County takes all of us.