ICHRA Ecosystem: Market Overview and Prominent Providers

Individual coverage health reimbursement arrangements propose a different approach for employees to select and enroll in health plans.  

March 31, 2022 – For all the power of the healthcare industry to digitize, customize, and provide products for prospective members, current health plan options are not resonating with certain pockets of the employer market. Enter individual coverage health reimbursement arrangements (ICHRAs), which propose a different approach for employees to select and enroll in health plans.

This Impact Report introduces the ICHRA ecosystem of data providers, platforms, administrators, marketplaces, and payment processors. The report explores the potential of ICHRAs as alternatives to traditional group plans for benefits brokers and agents, health plans, benefits administration platforms, third-party benefits administrators (TPAs), employer groups, and payment processors. Aite-Novarica Group conducted interviews with executives at 15 ICHRA administrators, platforms, and data source vendors, and held supporting conversations with benefit brokers, TPAs, and financial institutions from Q4 2021 to Q1 2022. This report profiles the following vendors: Benefitbay, ECHO Health, Gravie, HealthSherpa, HRA Simple, ICHRA Shop, Nexben, OneBridge, PeopleKeep, Savvy, Take Command, Vericred, and W3LL (Softheon).

This 29-page Impact Report contains three figures and two tables. Clients of Aite-Novarica Group’s Healthcare Payments service can download this report and the corresponding charts.

This report mentions Aberdare Ventures, Aquiline Technology Growth, Amazon, AXA Investments, Change Healthcare, Cognizant, Expedient, First Health Capital Partners, FirstMark Capital, Gusto, HealthOne Alliance, HealthAxis, HRA Council, ICHRA Council, MassMutual Ventures, Mastercard, Netflix, Stride, Teladoc, TriZetto, Visa, and Zenefits.

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