With ICHRA, all employer plans renew every calendar year because individual health plans always run according to the calendar year (i.e. from January 1 through December 31). This means that – no matter when your employer plan started – you will have to take action, whether to enroll in a new plan or to renew your existing plan, every January 1st.
Allowance:
Your allowance may or may not change when your ICHRA renews, depending on your employer’s decision. You’ll be able to see your new allowance offering in Zorro when you start the enrollment process.
Health plan:
ICHRA is all about empowering you with the ability to make smart healthcare decisions! Most insurance carriers continue most health plans from year to year, so it is likely you will be able to continue with the same health plan if it is working well for you. However, it’s important to note that there are exceptions to this. Sometimes, carriers discontinue and stop offering certain plans. If this happens to the plan that you are currently enrolled in, you’ll have to browse through the options available to you and select a new plan. Not to worry, though! Zorro is here to guide you through the process, whether you're renewing your current plan or selecting a new one.
Costs:
Premium costs almost always get updated year-to-year, so even if your plan is still available, it will likely have a different premium. If you choose to renew your plan, you will see its new cost and will be required to acknowledge and approve it.
Zorro is excited to support you as you embark on a new year of excellent benefits and coverage! Continue reading the rest of the articles in this section to learn more about all of the steps in the renewal process.