WESTLAKE, Ohio. – Sept. 9, 2021 – Today, ECHO Health, Inc. (ECHO®), a leading provider of electronic healthcare payment solutions, unveiled Premium Payment Manager (PPM), an automated payment solution for Individual Coverage Health Reimbursement Arrangements (ICHRAs) aimed at dramatically reducing the burdens associated with the premium reimbursement process.
Shifting from “defined benefit” to “defined contribution,” ICHRAs allow employers to give tax-free reimbursements for insurance premiums and other medical expenses to employees that enroll in a health plan through the individual marketplace. ICHRAs represent a major leap forward for employer-sponsored health insurance, giving employees more freedom of choice and offering employers of all sizes the flexibility to expand coverage to traditionally underserved groups including part-time, hourly and seasonal workers. It’s predicted that by 2027, 800,000 employers will offer ICHRAs with more than 11 million people receiving individual market coverage, according to the Department of the Treasury.
“We take care of the administrative hassle of paying the premiums so that employers and employees can enjoy the benefits of ICHRA. We simplify the process of paying the premiums associated with ICHRAs. ECHO designed PPM so that we can easily work with any benefits administrator that is helping employees enroll for ICHRA plans,” said Tom Dean, President of ECHO.
With flexible carrier payments, consolidated payment reporting and regulatory compliance, brokers and administrators can seamlessly integrate PPM into any existing ICHRA via API or standalone platform. With a new level of ease and automation, PPM helps employers and brokers deliver an ICHRA offering that works like a traditional health benefits plan.
John Lombardi, Executive Director - ICHRA Payment Solutions, added that, “ICHRA is the most significant change to healthcare benefits in decades, and by removing the reimbursement complexities, PPM will drive adoption of this new offering to ultimately make insurance more affordable and accessible for more Americans.”
To learn more about simplifying the ICHRA reimbursement process, visit premiumpaymentmanager.com.
About ECHO Health Inc.
ECHO® is a leading provider of electronic healthcare payment solutions, connecting payers, vendors, providers and plan members. ECHO’s patented, ERISA, HIPAA and CORE compliant solution addresses the hurdles payers face: connection, compliance, efficiency and ease of use. ECHO now processes 300+ million claims and over $60 billion in payments annually. For more information, visit www.echohealthinc.com.
