- Plan documentation is required which includes a Master Plan Document, SBC and Summary Plan Description.
- Timely and specific communication with your employees is necessary.
- An ICHRA is subject to all ERISA non-discrimination requirements.
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A few additional considerations are as follows:
- You may offer different amounts of money to different classes of employees, but those amounts cannot vary past a certain amount and the classes available are outlined in the ICHRA ruling.
- You can offer money to an employee for medical expenses only, but those expenses must be in conjunction with a medical plan.
- An employer may allow the employees portion of their individual premium be deducted from wages on a pretax basis.