Group Health Insurance Types
ICHRA - Individual Coverage Health Reimbursement Arrangement
Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of health insurance arrangement designed to assist people in paying their medical expenses. Employers often help employees to acquire insurance policies that cover these expenses and cover healthcare costs through this method.
Small Business Health Options Program (SHOP)
The Small Business Health Options Program, more commonly referred to by its acronym SHOP, is a government initiative in the US designed to aid small businesses provide health insurance for their employees at an affordable cost. Simply put, SHOP insurance gives small business owners an affordable way to offer coverage options to their workers. Let’s look at how it works:
Level funding combines elements of self-funding and traditional health insurance to form one comprehensive solution. To better comprehend it, let’s unpack its key concepts:
Fully Insured Insurance (FII) is an agreement between an individual or entity (the policyholder) and an insurance company to provide financial coverage in case of certain events or risks outlined in a policy, such as medical costs associated with illness or accidents, damage to property (like your house or car) or accidental injury claims from others. Premiums paid each month promise this financial protection should anything come up, such as illness or accidents which require medical care coverage, damage caused to either property ( like your house or car), or liability coverage should you accidentally cause harm.
Full coverage insurance comes in many shapes and forms, each tailored specifically to a customer’s needs. Here are some popular forms:
Group Life Insurance
Group Dental Insurance
Group Disability Insurance
Group Accident Insurance
Group Critical Illness Insurance
Group critical illness insurance provides a lump-sum benefit to help with unexpected life events, covering costs like childcare and medical expenses.