What is the difference between my previous Group Plan and my new benefitbay® ICHRA plan?

Difference between group plan coverage and ICHRA.

We encourage you to review the Summary of Benefits and Coverage (SBC) from your previous group plan to effectively compare it with the Individual coverage plan options available in your area. Group plans are typically chosen by your employer and provided to all employees.

With the introduction of ICHRA and personalized benefits, you have the opportunity to select a health plan that aligns with your specific needs, while also enabling your colleagues to take an active role in their own health insurance decisions.

The limitations of having only a few group plan options that may not adequately address your healthcare coverage needs are now a thing of the past. Both types of coverage share the common feature of being financed through contributions from your employer, with additional costs potentially covered by payroll deductions.

You can always reach out to us at support@benefitbay.com should you have additional questions.