PeopleKeep releases decision support tool to aid employers considering an Individual Coverage Health Reimbursement Arrangement (ICHRA) benefit
First of its kind software makes it easy to design an ICHRA benefit and then compare costs and features of the ICHRA to a traditional group health plan.
SALT LAKE CITY, Sept. 9, 2020 /PRNewswire/ -- PeopleKeep, the leader in personalized benefits for small to medium sized organizations, today announced the availability of an Individual Coverage Health Reimbursement Arrangement (ICHRA) online tool to help employers design and decide on an ICHRA benefit in comparison to a traditional group health insurance plan.
PeopleKeep first offered their cloud-based ICHRA solution in September, 2019. In response to customer requests, PeopleKeep has streamlined the benefit design and decision making process to complement the automated set-up, launch and administration of an ICHRA benefit using the PeopleKeep online platform.
As employers and their HR leaders consider and plan for 2021 health benefits, they may be faced with several challenges, such as greater pressure to offer a health benefit to more employees during the coronavirus pandemic; increased insurance rates that don't fit constrained budgets during an economic downturn; and confusion around how an ICHRA might work for them since many insurance brokers and other benefits advisors are still learning about ICHRAs themselves.
"PeopleKeep has always been committed to awareness and education about Health Reimbursement Arrangements, but our new ICHRA design and decision tool, combined with expert advice from our team, makes exploring an ICHRA for each organization's specific situation much easier," explains Victoria Hodgkins, CEO of PeopleKeep.
Using the online tool, a PeopleKeep Personalized Benefits Advisor will help an organization understand:
- The budgetary trade-offs between their current group plan or quote versus an ICHRA.
- The costs of different on-exchange plans available to each specific employee based on age and location.
- How Applicable Large Employers can meet affordability requirements under the Affordable Care Act, including understanding the use of key safe harbors.
- How minimum class sizes apply in cases where the employer intends to keep or offer employer-sponsored group health insurance to a different class of employees.
For now, PeopleKeep's online ICHRA design and decision tool is only available when working with a PeopleKeep Personalized Benefits Advisor. Employers may add their licensed insurance broker to keep them involved in the process and PeopleKeep intends to make the tool available for third-party use in subsequent versions.
About PeopleKeep
- PeopleKeep helps small businesses care for their people through automated benefits. PeopleKeep personalized benefits automation software allows small organizations to reimburse employees tax-free for medical expenses. Today more than 15,000 people use PeopleKeep to participate in benefits that help them live better lives.
SOURCE PeopleKeep
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