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Update: The Maturing ICHRA Market
November 12, 2025 | Insights
Earlier this year, Bailey & Company published a report titled Navigating the Future of ICHRA. Since then, we have tracked the rapid evolution of this industry through conversations with ICHRA companies, investors, and participants of every scale in the employee benefits industry. An ecosystem that was populated mostly by companies with less than $10 million in revenue in 2025 will see numerous companies fall in the $15-50 million range in 2026, with at least one player well north of that. In the span of a year, ICHRA has evolved from a buzzy, VC-dominated market into one that demands the attention of growth-oriented PE investors in employer health and technology.
An Individual Coverage Health Reimbursement Arrangement (ICHRA) is a mechanism created in 2020 that allows employers to offer their employees a fixed, pretax amount to spend on premiums for an individual health plan of their choosing and other qualified expenses – a potentially transformative way for employers to control runaway healthcare costs.
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James Metcalf
Co-Head of Healthcare Services
Rebecca Springer
Senior Director, Market Development
Collin Anderson
Senior Analyst, Market Development
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Bailey & Company is a Nashville-based merchant banking platform focused on middle market healthcare companies in the healthcare services, healthcare technology, payer services and pharma services/medtech/life sciences sectors. As one of the largest independent, sector-focused investment banking and investing platforms in the country, Bailey & Company supports strong management teams that have built scalable platforms by providing strategic insights, world-class advice and access to one of the most diverse networks of industry experts. For more information see: www.bnco.com
