The insurance premium is the amount charged by the carrier for the employee's individual health insurance policy. It may include coverage for the employee and enrolled family members.
The employer provides the amount available under the approved ICHRA allowance. When the premium is higher than the allowance, the employee is responsible for the remaining amount.
For example:
Monthly premium: $650
ICHRA allowance: $500
Employee-paid portion: $150
A change to the insurance premium does not automatically change the employer's approved ICHRA allowance. Changes to the allowance structure must be reviewed and approved separately by the employer.
Lirvion subscription fee
Lirvion's subscription fee is a separate administrative charge billed to the employer. It:
Is not an insurance premium
Does not pay for an employee's insurance policy
Is not deducted from an employee's ICHRA allowance
The employer-funded allowance and Lirvion subscription fee are separate.