SOURCE: ICHRA Administration Software
For many employers, offering a traditional group health insurance plan isn’t feasible. Insurance is often too expensive, too complex, and too restrictive. Yet organizations with 50 or more full-time equivalent employees (FTEs) must offer health insurance to their full-time employees—or be subject to penalties from the IRS.
An ICHRA is a way to provide a compliant health benefit while saving time and money compared to group coverage. An ICHRA is a formal group health benefit that organizations of all sizes can use to reimburse their employees, tax-free, for individual health insurance premiums and more than 200 other out-of-pocket medical expenses.
Now you can break free from traditional group health insurance and give your employees the individualized coverage they desire.
The individual coverage health reimbursement arrangement (ICHRA) is a game-changer for employee benefits. With PeopleKeep’s ICHRA administration software, you can easily manage this health benefit, take back control of your benefits budget, and give your employees the personalized benefits they deserve.
What sets PeopleKeep’s ICHRA administration platform apart?
Award-winning customer support
Our responsive, U.S.-based customer support team is ready to help your team when you need us. We’ve won four consecutive Stevie Awards for our customer service!
Stress-free ICHRA administration
Administering your health benefits only takes a few minutes each month. You can instantly see which employees use the benefit, check reimbursement deadlines, and approve reimbursements.
Automated legal documents
Leave the compliance leg work to us. We’ll generate legal plan documents and keep tabs on your benefit to ensure continued compliance with the IRS, HIPAA, and ERISA regulations.
Completely customizable
You have complete control when designing your new health benefit. Set up employee classes and choose which expenses you want to reimburse right from our platform.
Best of all? Our expert team reviews all of your employee reimbursement requests for you, giving you more time to focus on running your business without worrying about compliance.
How to use our ICHRA platform
With an ICHRA, you can offer your employees a monthly allowance for their individual insurance premiums and out-of-pocket medical expenses. Employees choose the expenses they want to use their allowance on, submit proof of purchase, and attest to having qualifying individual health coverage. Once our team ensures their expenses are eligible, you’ll reimburse them up to their available allowance.
Here’s a breakdown of the process:
STEP 1
Create a PeopleKeep account
To get started, you’ll create a PeopleKeep account for your organization. Here you’ll share your basic business information. We use this information to generate legal plan documents for your ICHRA.
- Enter company details, such as your business name, EIN, and contact info
- Provide the number of W-2 employees eligible for the ICHRA
Learn who can serve as an HRA administrator
STEP 2
Design your ICHRA benefit
Now you’re ready to design your benefit. You’ll have complete control over your benefit start date, allowance amounts, employee classes, and whether you want to reimburse employees for insurance premiums only or premiums plus out-of-pocket medical expenses.
- Choose a benefit start date
- Create optional employee classes: full-time, part-time, seasonal, salaried, non-salaried, state-based
STEP 3
Add your people and launch your benefit
Next, you’ll invite your employees to participate in your new benefit. Once invited, employees will receive an email with the details about their ICHRA and how it works. With an ICHRA, employees can choose whether they want to opt in or out of their benefit, depending on whether their allowance is considered affordable. When you’re ready, the last step is to officially launch your ICHRA.
Employees can use our interactive tool to decide whether opting in or out is best for them
STEP 4
Employees make qualifying purchases and request reimbursement
After an employee opts into the benefit and you launch your ICHRA, they can make out-of-pocket medical purchases for the qualifying expenses they choose. After making eligible purchases, employees submit documentation, such as a receipt, and attest that they have qualifying individual health coverage.
STEP 5
Reimburse your employees
Once the expense is submitted, our expert team reviews it for IRS compliance. Once an expense is verified, you can approve the amount and reimburse your employee through payroll or by cash or check.
