99°F
weather icon Clear

Employers can fund accounts that let individuals pick plans

Friday Health Plans, a health insurance carrier based in Denver that has joined the Nevada Health Link online marketplace, presents options for businesses of any size, including Individual Coverage Health Reimbursement Arrangement plans.

As an alternative to the traditional way of providing health insurance to employees, ICHRA allows any size employer to fund an account for each employee. Employees can then shop on the individual marketplace to buy a personal and portable health plan that works best for them.

Those interested in ICHRA plans are encouraged to connect with a certified agent, broker or certified enrollment counselor to navigate the application and eligibility process.

Since ICHRA passed into law in January 2020, research already shows a significant increase in interest and demand for ICHRA plans, especially as COVID-19 continues to affect businesses and households worldwide. Companies that offer ICHRA plans set costs in advance and know exactly what to expect each year, giving them more flexibility with how they spend their money and taking the stress out of providing employee health insurance.

Not only is ICHRA tax-free, it relieves businesses from managing the administration and insurance process, since ICHRA enables employees to independently find and purchase a health plan suitable for their needs. And if an employee leaves his employer for any reason, they are free to continue their ICHRA coverage since the plan is portable and isn’t directly tied to the company.

“Before ICHRA, many small businesses couldn’t afford the cost of comprehensive group plans, so they were either over-spending on insurance to cover their employees or not offering insurance altogether, leaving many individuals uninsured, a risk no one should ever have to take,” said Eddie Burkhart, Friday Health Plans director of sales for Nevada. “ICHRA has transformed the insurance landscape and couldn’t arrive at a more opportune time as more companies and consumers are looking to save money amid the pandemic.

“With a focus on freelancers, entrepreneurs, service industry workers and small businesses, our mission at Friday Health Plans is to offer straightforward, quality insurance without the nonsense. So when coupled with the simplicity and ease of ICHRA, it’s a perfect marriage of cost-friendly, wide-ranging coverage for our clients, giving them the freedom to choose a plan that truly meets their needs.”

Friday Health Plans offers many affordable insurance options for those in the gig economy, early retirees and others who do not get insurance from their employer. The company says it offers the lowest-priced on-exchange Bronze plans in Las Vegas and Reno and the lowest-priced on-exchange Silver plans in Las Vegas.

Friday Health Plans partners with the Hometown Health medical provider network across Nevada, so consumers can conveniently find a doctor or specialist to meet their needs.

In Southern Nevada, in-network hospitals include MountainView Hospital, Southern Hills Hospital and Medical Center, Sunrise Hospital and Medical Center, University Medical Center, Desert View Hospital and Mesa View Regional Hospital. There are more than 30 Quick Care locations, including CareNow Urgent Care, Goodnight Pediatrics Nevada, Healthcare Partners of Nevada and UMC Quick Care. Renown Health serves Northern Nevada with more than 30 locations throughout Reno, Sparks, Carson City, Fernley, Fallon and Silver Springs.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Lakeview golf course rebounding under new management

Despite experiencing multiple setbacks since securing the management contract for Lakeview Executive Golf Course in 2019, CourseCo. has made strides to make the course profitable.

Facelift set for Blagg Road in Pahrump

A $489,000 contract has been awarded to Las Vegas Paving Corp. for the improvements.

Nevada marijuana lounges may appear across state in 2022

Marijuana consumption lounges might begin to spring up as early as this year, and state officials on Tuesday took a crucial step into making that timeline possible by approving regulations for such businesses.

GriefShare begins 8th year of healing in Pahrump

Grief is an often inexplicable emotion, one that can be difficult to describe and to comprehend, but it’s an emotion that all must face at some point in their lives. When that grief comes from losing a loved one, it can be even more overwhelming but fortunately there is a place for local residents to turn: GriefShare.