Glossary
ICHRA
Meaning & Definition
An Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of health benefit plan that gives employees individual control of their health care needs through purchasing their own insurance while being reimbursed by employers for qualified health expenses or premiums paid.
Important Aspects of ICHRA
- Offers a variety of healthcare plans for employees.
- Enables employers to control healthcare expenses efficiently.
- Gives employees the option to select appropriate insurance plans.
- Enhances employee health and economic stability.
- Increases employee benefits and happiness.
Legal Compliance & Policies
However, the ICHRA scheme is a healthcare reimbursement system used mainly in the United States and is not applicable under Indian labour laws.
The Indian healthcare system usually addresses employer health care coverage through company insurance plans, ESI schemes, and employer benefit plans.
