Goodbye, complex health benefits. Hello, simple!
Thanks to a new federal ruling (enabling ICHRAs), employers, of any size, can now create the perfect health benefit package. Trovia is where group health plan cost control meets the best of individual plan choices.
An Individual Coverage Health Reimbursement Arrangement (ICHRA—pronounced ‘ick-rah’) is an employer-funded, tax-free health benefit used to reimburse employees for individual health insurance premiums and other qualified medical expenses. By offering an ICHRA, employers are able to define contribution amounts and have more flexibility in plan design that will better fit the unique needs of each employee. The employer establishes the reimbursement allowance for each employee class created.
GREATER $ CONTROL
Employers can confidently set their health plan budget year after year, while providing employees coverage no matter what their needs.
FREEDOM OF CHOICE
The doors are now wide open for employees to shop the insurance marketplace to find the coverage that best fits their needs.
The intelligent portal lifts the administration burden by eliminating reoccurring HR
tasks and simplifying the employee management process.
How it works
Employers contribute a pre-tax allowance that the employee uses to help pay for an individual plan that they selected. Employees can easily shop, compare and choose from all available individual health plans* from inside the simple, secure Trovia insurance marketplace. Like other group health plans, employee contributions are payroll deducted on a pre-tax basis.
*plan offerings vary by area
Employees will love…
Selecting their own individual plan (choice!)
Ease of shopping, comparing and enrolling
Greater value in their benefits package
“Before Trovia, I had a one-plan-for everyone my employer chose. Now I pick my own plan that works best for my family and lets me use my preferred doctors and clinics. It’s a better fit.”
“Using Trovia made it fast and easy for me to compare different providers and plans side-by-side. I saw all of my options and was able to choose the best plan for my family’s needs. Much simpler and I loved the control it gave me.”
“I could choose to use my own pre-tax payroll dollars to buy up to a different plan beyond my employer’s allowance. I have total freedom to make my health benefit work best for me.”
What is ICHRA?
As of January 1, 2020, the Individual Coverage Health Reimbursement Arrangement (ICHRA) allows employers, of any size, to use pre-tax dollars to create a group health plan that pays for part or all of an employees’ individual health plan premiums and qualified medical expenses.
Individual Coverage Health Reimbursement Arrangements are often referred to as ICHRAs (pronounced ‘ick-rahs’).
Why is Trovia better?
Trovia is powered by Nexben, the most powerful insurance platform technology, that offers a single health marketplace, intelligently designed to vastly improve the entire experience.
Employers need control. Employees need choice. Everyone needs Trovia.
Control spiraling costs
YourCo had significant health events last year. This year the plan rates have gone up (and will stay up). Now the cost to cover is beyond reach. The “plan” becomes no plan.
A Trovia group plan stabilizes employer costs because it functions like an individual plan. Employers can set their health benefit budget year after year and employees can count on coverage that meets their needs.
Give employees choice
Bill wants to offer a health plan to his small workforce. There aren’t many options, it’s complex and time consuming to shop and compare, and Bill can’t find a single group plan that works for most everyone. No one is happy with the plan so it doesn’t feel like a real benefit.
Trovia allows employees to easily shop every available individual plan in their market. Bill can now control his plan costs while covering his people, no matter what their needs.
Stop paying the penalty
National Corp. can’t get enough participation from employees for a group plan due to the low benefit allowance. Now it’s paying the high annual penalty for everyone instead. It’s a no win situation.
Using Trovia means never worrying if there are enough participants for the benefit, never paying penalties again, and always offering the best plans to employees. It’s a win-win benefit!
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