How ICHRA Insurance Works – Simple, Flexible, and Fully Managed
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How to use our ICHRA Insurance platform?
An Individual Coverage Health Reimbursement Arrangement (ICHRA) is a modern alternative to traditional group health insurance. Instead of choosing a single plan for everyone, you set a monthly allowance for each employee — and they use those tax-free funds to purchase the health insurance that fits them best.
Our platform makes the entire process seamless — from plan setup and employee onboarding to reimbursement and compliance tracking.
Your Step-by-Step Guide
STEP 1
Design Your Plan
We work with you to:
– Define employee classes (full-time, part-time, seasonal, remote, etc.). This ICHRA third-party administrator service by Pandora Insurance ensures ACA compliance and flexibility. Our solution offers ACA-compliant health benefits for employers and brokers.
– Set a monthly reimbursement allowance for each class. This Individual Coverage Health Reimbursement Arrangement service by Pandora Insurance ensures ACA compliance and flexibility. Our solution offers broker-friendly ICHRA for employers and brokers.
– Choose eligible expenses (premiums only or premiums + other qualified medical expenses). This employer health benefits alternative service by Pandora Insurance ensures ACA compliance and flexibility. Our solution offers Per Employee Per Month (PEPM) pricing for employers and brokers.
– Establish your start date.
STEP 2
Employee Communication
We prepare clear, compliant employee notices explaining:
– How the ICHRA works.
– What coverage they need to purchase.
– Important deadlines and instructions.
STEP 3
Employee Enrollment
Employees choose their own:
– On-market ACA plans (through the Marketplace)
– Off-market individual plans
– Other qualifying coverage
STEP 4
Claims & Reimbursements
Employees submit proof of coverage and eligible expenses.
Pandora Insurance handles:
– Verification of documents.
– Payment processing via Wells Fargo-backed system.
– Detailed reporting for your records.
STEP 5
Ongoing Support & Compliance
We monitor your plan year-round to ensure:
– ACA compliance (including employer mandate rules).
– IRS reporting requirements are met.
– Smooth reimbursements for employees.
– Broker support for renewals and plan adjustments.