Your ICHRA Health Wallet: A Simple Guide to Understanding Your Benefits

Thanks for being here!

As a user of our ICHRA (Individual Coverage Health Reimbursement Arrangement) health insurance plan, you have likely come across your 'Health Wallet' and might have questions about what it is and how it works.

Don't worry, we're here to provide clear, simple explanations about this key feature of your plan.

1. What Your Health Wallet Balance Represents:

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.

2. Your Reimbursement Amount:

When your account is setup, there is a predetermined way on how your Health Wallet functions for your reimbursement funds. The first scenario is that there is money that has been set aside at the start of the period which can be used for your reimbursements. You may see the entire amount entitled to you is immediately available for medical expense reimbursements. It's like having a store of health benefits ready to be used when you need them.

For the second scenario, reimbursements are distributed after monthly invoices have been sent. This means the processing of your reimbursements may take up to 30 days due to the wait between invoice payments. Rest assured, the funds are always paid; it merely affects the timing of your reimbursements.

3. Simplifying the Reimbursement System:

We're always striving to enhance your experience and are currently working on making the Health Wallet balance operate more like a pre-paid debit card. This shift aims to streamline the funding process further and allow you quicker and more direct access to your health reimbursements, leading to an even smoother journey for you.

Remember, whether your account shows the funds immediately or after every invoice, it doesn't affect the overall sum you're entitled to under your ICHRA plan; it merely affects the timing of when you will receive the reimbursements.

Your trust is important to us, and we're continually striving to make our services better for you. If you ever have questions about your Health Wallet or anything that would help make for a more understandable benefits experience with us, don't hesitate to reach out to our customer service team.

So, here's to your health!  

Was this article helpful?
1 out of 3 found this helpful