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Introduction to ICHRA Integration

In a groundbreaking move for small businesses, Thatch has partnered with ADP to streamline healthcare access via an integration of Individual Coverage Health Reimbursement Arrangements (ICHRA) within ADP's RUN payroll platform. This development empowers over 900,000 small businesses, making healthcare both flexible and affordable.

The Advantages of the New Integration

The new integrated solution allows small and mid-sized employers to efficiently manage employee healthcare benefits right from their payroll systems. Through this partnership, Thatch's ICHRA platform offers a comprehensive experience for employers, enabling them to discover, quote, and activate health plans seamlessly. Here are the standout features:

1. Administrative Ease: With automated payroll deductions and carrier payments, the integration lessens the administrative burden often associated with healthcare management.
2. Variety for Employees: Employees can select from a range of health, dental, vision, and other plans tailored to their needs, enhancing their overall benefits experience.
3. Tax-Free Benefits: Employers can allocate tax-free monthly healthcare allowances for their employees, providing an economical alternative to traditional group plans.

Elevating Small Business Healthcare

Traditional group plans have become increasingly cumbersome for many businesses due to rising costs and complex administration. ICHRAs stand out as a sustainable solution that allows employers to provide healthcare reimbursements with more flexibility and efficiency.

Quotes from Leaders

Matt Farwell, ADP’s president for small business, emphasized the adaptability this integration provides. "One of the big benefits small businesses have today is the ability to be quick and flexible. Integrating Thatch into RUN gives organizations that power." He highlighted how this enables businesses to provide beneficial options specifically tailored to their workforce needs.

Chris Ellis, CEO of Thatch, also commented on the significance of the integration, stating, "Our integration with ADP represents a major step forward for small business healthcare access and affordability. By embedding Thatch directly into ADP's platform, small business owners can quickly and easily offer flexible, affordable health benefits without the administrative burden."

Change in Business Landscape

As the small business landscape evolves, leaders now find it invaluable to offer their employees healthcare benefits that resonate with their needs and preferences. ICHRA presents an opportunity to attract top talent, as potential employees often consider health benefits as a critical factor in their decision-making process.

Conclusion

Thatch and ADP's collaboration signifies a progressive step towards reshaping how small businesses approach healthcare benefits. With such integrations, the future of small business healthcare looks promising, allowing employers to focus on growth while providing essential benefits for their employees. They are now in a better position to compete for talent, ensuring that they can attract and retain skilled individuals in a competitive market.

For more information on this integration and to explore how it can benefit your business, visit ADP.com and Thatch.com.