Unfortunately, no. If you are covered under your parents' insurance plan, you are not eligible to participate in your company's ICHRA.
The Individual Coverage HRA requires employees and their dependents to be enrolled in individual health insurance for each month the employee and their family members are reimbursed through ICHRA, meaning it must be secured through the individual market.
So, what type of coverage should I get?
In order to be qualified individual coverage, it must meet the minimum requirements as outlined in Public Health Services (PHS) Act Section 2711 and Section 2713. These two provisions require no annual or lifetime limits on the dollar amount for coverage of essential health benefits and full coverage of preventative health services to be covered with no shared cost to the insured.
In other words, you need to meet Minimum Essential Coverage through an individual marketplace plan.
How do I find an ICHRA compliant plan?
The great news is that becoming eligible for ICHRA is a Qualifying Event that would allow you to enroll in a marketplace plan.
If your ICHRA starts on a date other than January 1, or if you are a new hire being offered the ICHRA mid-year, you have 60 days from the day your HRA starts (or the date you become eligible to participate) purchase a plan.
Can Take Command Health help me find a plan?
Take Command Health is here to help! We can help you navigate your options. Reach out to our support team via chat or at email@example.com, let us know what state you're in, and we can help point you in the right direction!
To learn more, check out this blog post: How to shop for an ICHRA compliant plan.