Friday Health Plans, a health insurance carrier based in Denver, Colorado, is offering 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, meaning they can take the health plan with them if they leave their employer.
At less than a year since ICHRA passed into law in January 2020, research 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.
In addition to ICHRA being tax-free, it also alleviates 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, director of sales for Friday Health Plans in 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. For this open enrollment, which started Nov. 1, Friday Health Plans offers the lowest price on Exchange Bronze plans in Las Vegas and Reno and the lowest price on Exchange Silver plans in Las Vegas.
Friday Health Plans benefits include unlimited $0 mental health visits, a valuable distinction given the stresses created by the current pandemic and a growing focus worldwide on the importance of mental health. Other Friday Health Plans’ benefits include $0 primary care visits, $0 annual wellness exams and $75 co-pay for urgent care clinic visits on most plans before paying a dime toward deductible. Friday Health Plans partners with the Hometown Health medical provider network across Nevada, so consumers can find a doctor and/or specialist to meet their health care needs.
In Southern Nevada, in-network hospitals include Mountain View 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, to name a few. Renown Health serves Northern Nevada with more than 30 locations throughout Reno, Sparks, Carson City, Fernley, Fallon and Silver Springs.
For more information about Friday Health Plans, call 844-535-2000 or email questions@fridayhealthplans.com. Visit www.fridayhealthplans.com to do side-by-side plan comparisons, use the “find a doctor” portal, get a quote and buy a plan. Open Enrollment for Plan Year 2021 runs through Jan. 15, 2021.
Friday Health Plans is built for people and small businesses who buy their own health insurance. The company focuses on overall simplicity to offer affordable health plans with benefits that help members stay healthy and cover them if they get sick or hurt. Operational efficiency, top-notch customer service, and smart technology are core to Friday’s consumer-centric approach.
Headquartered in Denver, insurance plans and services are state-based subsidiaries of Friday Health Plans Management Company, Inc.
For more information and to find a health plan, visit www.fridayhealthplans.com