When it comes to answering questions employees have regarding their health benefits and healthcare coverage, it can be difficult to have all the right answers, all the time. OneBridge Benefits helps provide more answers and even limit the number of questions that are asked of employers offering health benefits. With countless acronyms, deadlines, regulation changes, and everything else that seems to constantly change with regard to health benefits, OneBridge is here to simplify it all with funded YourWay plan solutions that lead to fewer questions.
YourWay Frontier ICHRA
What is an ICHRA?
ICHRA stands for individual coverage health reimbursement arrangement. The YourWay Frontier is the premier ICHRA offering that allows employers to contribute a set amount of pre-tax funds which employees then use to purchase individual tailor-fit coverage.
Is YourWay Frontier an ICHRA?
Yes, YourWay Frontier is an Individual Coverage Health Reimbursement Arrangement (ICHRA). However, Your Frontier is a Funded ICHRA, meaning that there is never any reimbursement to file for related to insurance expenses. All YourWay Frontier participants receive payment before their health insurance expense comes due.
How is the YourWay Frontier ICHRA different from a traditional ICHRA?
Typically, ICHRAs are notional—meaning employees do not retain unused funds. YourWay Frontier accounts, however, are Funded ICHRAs—meaning employees do retain unused funds. These funds can then be used for health expenses throughout an employee’s life.
Am I able to onboard the YourWay Frontier ICHRA if I already offer a group health plan?
Yes! The YourWay Frontier ICHRA can be offered as a standalone plan or for permitted classes of employees who would not participate in your other traditional group health plan.
How can YourWay Frontier help me save time on COBRA administration?
With employees owning their health insurance plans, there is no coverage loss in the event an employee leaves. As an end-to-end solution provider, OneBridge handles all state-by-state COBRA regulations for you as needed.
How does YourWay Frontier help with multi-state or remote workforces?
With the YourWay Frontier ICHRA, each employee purchases a health insurance plan that’s tailored to their geography, with top provider networks. So, if your company is headquartered in New York but you have team members in Texas, YourWay Frontier allows your Texas team members to buy Texas-based health coverage with a Texas network of service providers.
What types of businesses are the YourWay Frontier ICHRA designed for?
YourWay Frontier is designed to help any business—big or small—gain greater control over the rising costs of healthcare. More specifically, the YourWay Frontier ICHRA is a great fit for healthcare, transportation, and technology companies with 50+ employees.
How can the YourWay Frontier ICHRA help my business grow?
You no longer have to spend time and resources offering and administering traditional group health plans every year during open enrollment. Instead, you can focus on what you do best and offer a more flexible benefits package helping you attract and retain your industry’s top talent.
What is an HRA?
An HRA stands for a health reimbursement arrangement. HRAs are funded by employers and are used by employees to help offset the cost of healthcare. Employees can use pre-tax HRA funds to pay for out-of-pocket qualified health-related expenses not covered by health insurance.
What is an FSA?
Similar to an HRA, an FSA is a tax-exempt account used to pay for out-of-pocket medical-related expenses. Employers establish and own the FSA account. Any unused funds are returned to the employer; not the participant. YourWay FSAs are subject to federal tax code contribution limits and come with a set grace period where unused funds, usually up to an annual statutory limit, can be rolled over and used in the following plan year.
What are account-based benefits?
Traditional health plans all rely on some out-of-pocket expenses from participants, like prescription copays, deductibles, or coinsurance. Account-based benefit plans, which can be offered in addition to traditional coverage plans or on their own, provide participants with the same type of healthcare coverage a traditional plan does. Account-based benefit plans from OneBridge include our YourWay HRAs, FSAs, and the Frontier ICHRA. These accounts provide their own unique tax advantages, the ability to pay for out-of-pocket expenses participants would pay normally, and the potential to save more on health insurance entirely. Learn more about the power of account-based benefits and how the YourWay plans help shape the future of health benefits.
Are my FSA or HRA funds linked to a debit card?
Yes! Whether you only have a YourWay HRA or YourWay FSA, or even better, if you offer or participate in more than one YourWay health benefit plan, each participant is issued a OneBridge Benefits Visa Debit Card. If participants are enrolled in more than one account, the debit card automatically withdraws funds from the most appropriate account depending on the type of purchase the card is being used for.
What happens to unused HRA, FSA, or ICHRA funds?
That all depends on the account. Unused YourWay HRA funds can be rolled over and saved for future out-of-pocket expenses. YourWay FSA plan, some funds can be rolled over and used in the following plan year but are generally forfeited if not used within applicable grace or runout periods. You can see a quick breakdown of the differences among HRAs, FSAs, and the premier ICHRA plan, YourWay Frontier, here.
How do I use my YourWay Frontier ICHRA funds to purchase health insurance?
YourWay Frontier ICHRA participants can use the OneBridge enrollment software, Benefit WayFinder, to sort through, compare, and find tailor-fit healthcare coverage using pre-tax Frontier funds contributed by their employers.
Should I renew my health insurance every year?
You should always take a look back at your healthcare history prior to auto-renewing your health insurance. Maybe last year you were overinsured and want to save unused YourWay Frontier funds for out-of-pocket expenses in the future. You can shop for a plan with a lower premium and high deductible in that case. Or, maybe you felt underinsured or are expecting to receive more healthcare services in the upcoming plan year. In this case, you’ll want to look for coverage that has a lower deductible, which brings with it higher monthly premiums. A OneBridge YourWay specialist can walk you through finding tailor-fit coverage instead of automatically renewing plans.
Which metal plan is the right one for me?
Choosing among bronze, silver, gold, and platinum health insurance plans can be difficult to navigate. When comparing metal tiers, it’s important to keep in mind that as the metals increase, so does the monthly premium. As premiums increase, deductibles decrease. We’ve put together a comprehensive “cheat sheet” participants and employers can use when comparing metal tiers of health insurance coverage.
What are the differences between types of networks like HMOs, PPOs, and EPOs?
All of these are different types of plans. To understand the key differences, let’s start by defining each of these network acronyms.
- HMO: This is a health maintenance organization and one of the least costliest types of health insurance. HMOs feature low premiums, low deductibles, and fixed copays. HMOs also require participants to choose a primary care provider (PCP) within the HMO network. The PCP then refers participants to specialists if/when specialty care is necessary.
- PPO: This is a preferred provider organization and is more expensive than an HMO, but allows for more care/treatment flexibility. Participants are able to see doctors and specialties outside of a network. Copays and coinsurance may still exist but they are considerably less expensive when participants stay in-network. If a participant anticipates needing more healthcare in an upcoming plan year, a PPO could be the preferred option.
- EPO: This lesser-known plan is an exclusive provider organization. Similar to an HMO, an EPO only covers in-network care. The main difference is that EPO networks are typically larger than HMO networks, making EPOs solid options for participants who often travel.