Choosing an individual health insurance plan involves more than comparing the monthly premium. Lirvion helps employees review the key cost components of available plans so they can better understand how each option may fit their expected healthcare needs and budget.
Within the plan selection experience, employees can compare important cost details, including:
Monthly premium
Available ICHRA allowance
Estimated employee premium responsibility
Annual deductible
Copays
Coinsurance
Out-of-pocket maximum
These amounts work together. A plan with a lower monthly premium may have a higher deductible or greater cost-sharing when care is used, while a higher-premium plan may provide more predictable costs for certain services.
When an employer offers an ICHRA allowance, Lirvion helps show how that allowance applies toward the cost of qualifying individual health insurance coverage.
If the monthly premium is higher than the available allowance, the employee is responsible for the remaining premium amount. If the premium is lower than the allowance, the amount applied toward coverage is limited to the eligible premium cost, subject to the terms of the employer’s ICHRA plan.
Any unused portion of the allowance does not become wages, cash, or a direct payment to the employee. Treatment of unused allowance amounts is governed by the terms of the employer’s ICHRA plan.
Compare Plans in Context
Employees should consider both recurring premium costs and potential out-of-pocket expenses when reviewing plan options. Depending on expected healthcare use, the lowest-premium plan may not always result in the lowest overall annual cost.
Lirvion presents plan cost information in one place so employees can compare available options more clearly before making an enrollment decision.
Before Enrolling
Cost is only one part of plan selection. Employees should also review provider participation, prescription drug coverage, plan benefits, and other coverage details before choosing a plan.
Related guidance may include Provider Check, Plain-English Coverage, and Secure Enrollment.
Lirvion provides administrative and educational support and does not provide legal, tax, or financial advice. Employees should review plan documents and consult appropriate professionals regarding their individual circumstances.