Vericred, an insurance and benefits data services company, recently introduced its ICHRA Affordability Calculator API. The service expands the company's ICHRA Development Kit that companies use to build Individual Coverage Health Reimbursement Arrangement (ICHRA) solutions for brokers, employees, and employees.
“There is considerable momentum for companies, large and small, to adopt ICHRAs as an alternative to traditional employer-sponsored coverage,“ Michael W. Levin, Vericred co-founder and CEO, commented in a press release. “Our ICHRA Affordability Calculator is yet another element of the infrastructure necessary for developers to create great ICHRA experiences for brokers, employers and employees.”
At its core, the ICHRA Affordability Calculator API allows employers to calculate the minimum contributions it must make to employees' health insurance costs in order to comply with various laws. Additionally, it calculates how much subsidy an employee would receive if the employee opts out of an ICHRA to purchase a plan through a federal or state-based exchange. The calculators give programmatic and automatic access to the applicable options so that employers and employees alike can compare options and make informed decisions.
The calculator adds to the existing development kit which already includes a number of robust features including group and individual quoting APIs, group and individual disruption analysis APIs, shop by doctor, and shop by drug. Those interested in the new API, or any feature of the ICHRA Development Kit should visit the Vericred website and reach out to the sales team.