Beginning January 1st, HelloHero transitioned from a traditional employer group health insurance plan to an Individual Coverage Health Reimbursement Arrangement (ICHRA) administered by Thatch. This new approach to health benefits is designed to offer you more choice, flexibility, and control over your healthcare decisions. Here’s what this means for you.
What is an ICHRA?
An ICHRA allows employers like HelloHero to reimburse employees for health insurance premiums and qualifying medical expenses on a tax-free basis. Instead of providing a one-size-fits-all group plan, you’ll now have the opportunity to select and purchase the individual health insurance plan that best fits your needs and those of your family. These individual plans are tailored to your location, offering access to local carriers and networks specific to where you live. This means you can choose coverage that includes providers and facilities near you, ensuring convenient access to care and personalized options.
How the ICHRA Works
HelloHero provides healthcare dollars for you to purchase an individual medical plan. The allocation is based on your location, age, and the average cost of health insurance in your area to ensure equitable purchasing power. You choose the plan that fits your needs from the Thatch marketplace, offering a variety of options and carriers based on your location.
If you choose not to enroll in a plan, you will not receive the funds in any other form (e.g., a debit card for other expenses).
If you do not use your full allowance, you will receive a Thatch debit card for qualified healthcare expenses* (unless enrolled in a High Deductible Health Plan with an HSA).
If your chosen plan costs more than your allowance, the difference will be deducted (pre-tax) from your paycheck.
Key Features and Benefits of the ICHRA Plan with Thatch:
Flexibility to Choose Your Coverage
Select a health insurance plan that suits your personal or family healthcare needs from the marketplace or your preferred provider.
Portability
Your health insurance plan belongs to you, so you can keep your coverage even if your employment circumstances change.
Tax-Free Reimbursements
Receive reimbursements for premiums and eligible expenses without it being counted as taxable income.
Customizable Budgeting
You control how much of the provided reimbursement you apply to premiums, deductibles, or other qualifying expenses.
Dedicated Support with Thatch
Thatch’s expert team will assist you in navigating your health insurance options and managing reimbursements through their easy-to-use platform.
Need Help?
Need a copy of your ID cards?
Log into your Thatch account at https://app.thatch.ai/login. You created this account during open enrollment.
If you don't remember your username and password to login to Thatch you can use the "forgot your password" option.
Still Need Help? Send an email to [email protected].
Do you have questions about your coverage, allowances, or your plan?
Please contact your health insurance directly. Think of Thatch as the "middle man." Thatch connects you to a plan that fits your budget and lifestyle. Thatch cannot answer questions that are specific to your plan.
That does contain the information for your medical, dental, and vision coverage.
You can log in and see a general overview of your coverage and benefits for each.