How do renewals work?
Renewals is the time of year when administrators can review their ICHRA policy and make changes for the upcoming plan year.
When does renewal happen?
We begin sending renewal notifications in September, with the official renewal period running from October 15 through November 15 each year.
Beginning in September, we provide general guidance on what to expect for individual health insurance pricing based on information available from the states. Exact plan pricing is typically published by October 15.
What can an administrator/employer change?
During renewals, an administrator can:
- Keep the policy as-is and automatically renew with no changes
- Update the policy directly in the StretchDollar portal
- Meet with an agent for help reviewing options and making changes
The types of changes include:
- Change the ICHRA contribution amount
- Edit the waiting period for new hires
- Edit employee groups and their eligibility or contribution amounts
- Switch from a flat-rate contribution to a Smart Rate
What happens if no changes are made?
If an administrator does not submit any changes by the renewal deadline, the ICHRA will automatically renew for the following plan year with the existing policy details, terms, and contribution amounts unchanged.
Why is it important to complete renewal early?
We recommend finalizing policy updates by early November. This gives employees time to review their benefit options during the individual-market Open Enrollment period.
In most states, Open Enrollment runs from November 1 through December 15 for coverage beginning January 1. During this period, employees can review their available plans, renew their current coverage, or select a new health plan for the upcoming year.