Priority Technology Holdings, the payments and banking solution that streamlines collecting, storing, lending and sending money to unlock revenue opportunities, announced the launch of its Ambient business for Individual Coverage Health Reimbursement Arrangement (ICHRA) plan payments and administration.
“ICHRAs are experiencing rapid growth in the U.S., driven by their flexibility, potential cost savings, and ability to expand health coverage options.”
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ICHRAs are an employer-funded health benefit that allows employers to reimburse employees tax-free for individual health insurance premiums and qualified medical expenses.
“ICHRAs are experiencing rapid growth in the U.S., driven by their flexibility, potential cost savings, and ability to expand health coverage options,” said Jim Mrowka, the chief operating officer of Priority’s Ambient business unit. “Of particular note, ICHRAs allow many small- and medium-size businesses to offer health benefits to their employees for the first time: 83% of new ICHRA adopters previously offered no health insurance.”
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The Ambient platform empowers insurance brokers and third-party administrators (TPAs) to build high margin ICHRA businesses and enables employers to easily establish an ICHRA plan, generate customized plan documents, manage election and substantiation, and streamline payment administration through an employee-low-touch payments loop.
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“We’re very pleased to have Ambient in our SMB product lineup,” said Priority CEO Tom Priore. “Helping businesses grow and prosper is in our DNA. ICHRAs are primarily a health benefit, but their structure and flexibility create positive ripple effects for the whole business, from financial management to employee satisfaction.”
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Source – Businesswire
