New model of insurance allows employers to reimburse employees tax-free for health insurance
We're excited to announce that today in a first-ever partnership, Take Command Health and Oscar Health will offer a new way for employers to provide group benefits through an innovative health reimbursement arrangement model, made possible by brand new regulations that go into effect January 2020. An affordable and streamlined alternative to one-size-fits-all group plans, the new Individual Coverage HRA allows business owners of any size to reimburse for health insurance premiums and allows employees to choose the best plan that works for them. The first-to-market Take Command Health ICHRA product—along with Oscar’s affordable individual health plans—is designed to be a one-stop shop for Dallas metro business owners.
When we look across the landscape at the new HRAs, Take Command Health is leading the charge,” shares Louis DeStefano, National VP of Sales, Oscar. “This approach enables greater consumer choice for employees of companies both large and small - something Oscar greatly believes in.
The HRA product is paired with Oscar’s health plans, including one off-exchange Silver level plan that’s about 10-20% cheaper than the on-exchange equivalent Silver plans.
“We are thrilled to partner with Oscar to offer a fundamentally new way for employers to provide insurance in the Dallas market,” shares Take Command Health CEO, Jack Hooper. “This first-ever program, made possible by a new benefits model based on regulatory rules that have never happened before, is going to change the way we talk about benefits from now on.”
Bringing greater budget control, flexibility, and personalization to the group benefits market, ICHRA and its hallmark employee classes have a lot to offer businesses looking to optimize their healthcare spend and take on less risk when it comes to employee benefits. Much like the shift from pensions to 401ks, HHS projects that in the next 5 to 10 years, roughly 800,000 employers will offer Individual Coverage HRAs to pay for insurance for more than 11 million employees.
In addition to the Dallas market, Take Command Health and Oscar will bring this new product to business owners in Orlando, Houston, Denver, and Phoenix.
Check out our list of the best 2022 individual health insurance options for Denver to use with an ICHRA!
About Take Command Health
Take Command Health launched five years ago with the goal of bringing awareness, advocacy, and transparency to the confusing world of health insurance. It’s now at the forefront of this issue, a recognized leader in QSEHRA administration and a loud proponent of the new Individual Coverage HRA, with customers in every state.
About Oscar
Oscar is the first health insurance company built to make health care easy. Headquartered in New York City, Oscar has been challenging the health care system’s status quo since our founding in 2012, developing seamless technology and providing personalized support to help our members navigate their health care. Oscar was the first insurer to offer free, 24/7 telemedicine to members and to integrate direct scheduling with providers through our app. Oscar plans also include access to a network of first-rate physicians and hospitals, as well as a personalized Concierge team that supports members every step of the way, from finding a doctor to navigating costs. Oscar is known for our easy-to-use digital tools, including a website and mobile app that let members view their health history, speak directly with their Concierge team, and access their account information. Say hi or learn more at https://hioscar.com or follow us at https://twitter.com/OscarHealth.
Let's talk through your HRA questions
I wrote this blog because I care about ideas (big and little) that can help fix our healthcare system. I used to work on projects for Kaiser Permanente and the Parkland Health & Hospital System so I've seen the system inside and out. It's so important that consumers keep up with industry shifts and changing health insurance regulations. I'm also Take Command Health's Content Editor and a busy mom. Learn more about me and connect with me on our about us page. Thanks!
