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.
