Federal officials just gave one of the most promising innovations in health insurance a badly needed name change.
The Centers for Medicare and Medicaid Services has rebranded Individual Coverage Health Reimbursement Arrangements — otherwise known as ICHRAs — as “CHOICE Arrangements,” short for Custom Health Option and Individual Care Expense.
The new name gets at what makes these arrangements so valuable. Instead of choosing coverage for workers, an employer can give them tax-free money and let them pick the individual-market plan that best fits their needs.
