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ICHRA stands for Individual Coverage Health Reimbursement Arrangement. This health arrangement allows you to pick your own health insurance plan using your employer’s monthly tax-free allowance. These funds can be used to cover insurance premiums, including dental and vision, as well as qualified medical expenses.

Group health insurance plans are purchased by companies and offered to their employees. Traditional group plans take a one-size-fits-all approach to healthcare, giving employees limited choice when it comes to their coverage options. Employer-sponsored ICHRAs give employees a tax-free allowance to pick any plan on the public exchange that meets their unique needs.

You can use money in your Health Wallet to pay for qualified medical expenses, as the IRS defines in Publication 502. The full list is available here: https://www.venteur.com/post/213-d-reimbursements-or-health-wallet. Please note that some expenses, like gym memberships or vitamins, are only reimbursable if you obtain a doctor's note confirming medical necessity.

Your Health Wallet balance could be thought of as a measure of the medical expense reimbursements you're entitled to under your health insurance plan. It's essential to note that it isn't quite like a bank account with a set amount of accessible cash. Rather, consider it as a marker of what you're eligible to get reimbursed for as part of your ICHRA plan. When you shop for insurance through the app, you will see a dollar amount that is available for out-of-pocket expenses. This amount is what gets contributed to your Health Wallet account for your use in reimbursements. However, depending on how your employer has setup the account, it may be available immediately or it may be available after every monthly invoice.

We’ve built an AI model that uses something called a 'composite patient'. We use over 30 years of historical claims data and your age, gender, and zip code to predict your total healthcare spending under each plan. As you add additional information to your profile--specific doctors, prescriptions, risk profile, etc.--your list of recommendations becomes more personalized.