HSAs and ICHRAs
An HSA (Health Savings Account) is an account owned by you, the employee. You can contribute up to a set amount of money on a pre-tax basis. The HSA money can be withdrawn tax-free to pay for a qualified medical expense. Alternatively, you can let the money accrue interest or invest it in the stock […]
How does my monthly premium get paid?
Once you sign up for health insurance through BEN360, you don’t have to worry about paying the insurance company directly. Benafica automatically remits your monthly premium on your behalf. If your plan costs more than your employer’s ICHRA contribution, we work with your employer to deduct the difference from your paycheck, typically on a pre-tax […]
What happens if I leave the company?
If you decide to leave your job or you are terminated/laid off, your allowance stops when your employment ends. However, the individual health insurance plan is yours to keep, and you can continue paying for it on your own.
I am already enrolled in my spouse or parents’ insurance plan. Can I use my company’s ICHRA contribution to pay for my share?
Your company’s ICHRA contribution CANNOT be used to pay for a group or individual plan coverage from your spouse or parents’ insurance plan, even if you are included on their plan. You have to be the primary enrollee in order to claim the ICHRA contribution towards the plan.
Can I use an ICHRA to reimburse my Health Sharing Ministry membership?
Per the Internal Revenue Code §213(d)(1)(d), you cannot use ICHRA money to reimburse your membership for a health ministry.
Can I receive ICHRA money for COBRA coverage?
COBRA premiums are considered a qualified medical expense. If your employer offers an HRA account (“Health Wallet”), you can use this account to cover a portion or all of your COBRA premiums. However, you must also purchase an individual health plan. This means you will have two health insurance plans. Keeping your COBRA plan typically does […]
Can I keep my doctor or current plan?
In many situations, you can keep your doctor! During enrollment, BEN360 asks you to add your preferred doctors and providers before searching for a health insurance plan to ensure that the plans you select include them. And you may be able to keep your current plan. If you are currently enrolled in an individual insurance […]
Can I accept my employer’s ICHRA and still collect the Advanced Premium Tax Credit (APTC)?
No, you cannot accept both the Advanced Premium Tax Credit and money from your employer through an ICHRA. If your ICHRA is not affordable, you can accept your company’s ICHRA contribution or the Advanced Premium Tax Credit, but not both; however, in all other situations you must accept the ICHRA money in lieu of the APTC.
What happens if my plan costs more than my employer’s contribution?
If your plan is more expensive than your monthly allowance, the difference will be automatically deducted from your paycheck, usually pre-tax.
How much money do I get through the ICHRA?
Your employer decides the monthly allowance amount. You’ll see your specific allowance in the BEN360 portal when you log in to shop for plans.