How do I know if my existing health plan qualifies for the benefit?
Already have health coverage? Great work! Follow these steps to see if your existing health plan qualifies for your employer’s new benefit policy.
Quick tip: If the policy is in your name (it is not a spouse's) and it meets ACA requirements, then it likely does.
Have an existing individual health plan on a state-based or federal marketplace?
Then your plan is ACA-compliant and a qualified health plan for you StretchDollar ICHRA health benefit. What do you do now?
- Login to your StretchDollar Benefits Portal and choose enroll.
- Connect your bank account.
- Enroll in Auto-Reimbursements
Your employer will be alerted about your auto-reimbursement request. Once approved, your benefit dollars will be sent directly to the bank account around the first of the month.
Note: You may need to also submit a one-time reimbursement. Funds are drawn from the business bank account on the 25th of the month for distributions on the 1st. If your request is approved on the 25th or later, your automatic reimbursements will start on the 1st of the second following month. For example, if you enroll on Feb 26, you'll need to submit a one-time reimbursement for March, as your automatic reimbursements will start around April 1.
Have an existing individual health plan that was NOT purchased on a state-based or federal marketplace?
We'll need to make sure it's ACA-compliant. Send an email to support@stretchdollar.com with your most recent health insurance premium invoice attached. Be sure to also review this list below of non-qualified health plans.
Can't find your premium invoice?
Try looking for an invoice inside your insurance provider's portal. You can also call your insurance provider and request a new invoice.
What insurance plans will not qualify for benefits?
Someone else's group health plan. You cannot use your benefit reimbursement for a spouse's group health plan provided by their employer, even if you are on that plan. The benefit is only available to a health plan you purchase and own. In this case, you have two options:
1) Waive the benefit and remain on your spouse's plan or
2) Unenroll from your spouse's plan and enroll in a health plan for yourself
- An association plan. The pre-tax health benefit is only available to ACA-compliant health insurance plans. Health-sharing plans or other non-insurance plans do not legally qualify for your employer’s health benefit.
- Any plan with premiums (partially or fully) covered by government tax credits (such as premium tax credits). Your premium payments cannot legally be paid for by both your employer’s health benefit and government tax credits.
Why do some health policies qualify while others do not?
Your employer’s benefit allows you to use tax-free dollars toward premiums for any ACA-compliant plan. If you purchased your plan on a state or national health exchange, your plan should qualify. (Non-ACA-compliant plans are not legally eligible for the benefit.)
Need help exploring your options?
Reach out to brokers@stretchdollar.com. Our team of licensed brokers can help you identify the best health plan for your needs.