Did you know there's HRA administration software out there that your small business can use to administer a QSEHRA (Qualified Small Employer Health Reimbursement Arrangement) or an ICHRA (Individual Coverage HRA)? That means you can leave the setup, compliance issues, employee onboarding, policy changes, and documentation to the experts. Cool, huh?
The right HRA software will ensure your HRA is compliant, makes it easy for employees to enroll and request reimbursements, and gives your business the training and resources it needs to keep your HRA running smoothly.
"Can't I just administer a QSEHRA myself?" We get asked that a lot. It can be tempting to just buy the plan templates and administer them yourself, but it may be too much for you to handle trying to juggle a business and keep up with ever-changing compliance laws. There are three big reasons why this is a really bad idea.
Does keeping up with all of this sound stressful and confusing? Fear not.
Take Command does the heavy lifting so you can focus on running your small business. We stay out ahead of policy changes that could affect you and our HRA administration software handles privacy, record keeping, compliance issues, tax time, document generation, and more.
There are lots of HRA administration software options out there, but they are not all created equal. Of course, we think the Take Command HRA software is the best, but regardless of what company you choose to work with, make sure they are taking care of the following things for you. And by the way, if you want to check out how we stack up against the competition, we offer all of these things plus the option for Smart Benefits and zero enrollment fees!
So choose wisely when it comes to HRA administration software. Failure to address any of these QSEHRA requirements could cost you big time, to the tune of $100 per person per day.
Here's what the best HRA administration software should take care of. And just remember, these are all things that Take Command's software is designed to do!
Compliance: We know, there are few words that illicit anxiety and glazed expressions more than compliance. But it's simply too important to skim over. Since the IRS rules governing QSEHRA may change from year to year, it is helpful to have an HRA tool that includes automatic updates to ensure compliance. HRA software should include the following features:
→ Check out this post on HRA compliance for more details!
Employee-Friendly: HRA software should be designed to help your team make the most of their new tax-advantaged arrangement. Now that your employees will be in charge of choosing their own plan, they'll need resources to choose individual health policies that best fit their needs, their doctors and their prescriptions. HRA software should also include:
Makes Life Easier: The HRA software you choose should include tools that make it easy for your plan administrator to manage the HRA, track reimbursements, and comply with all reporting requirements. It also should provide:
Flexibility The HRA administration software you choose should be adaptable to various health plans and employee requirements. It needs to allow for adjustments in contribution limits and cover a wide range of medical expenses, reflecting the diversity in your team's healthcare needs.
Tracking and Documentation A robust HRA administration software should excel in tracking reimbursements and maintaining comprehensive records. This ensures both the employer and employees have clear, accessible documentation, essential for smooth operations and compliance.
Just remember: a good administrative tool will give your plan administrator the training and ongoing support needed to keep your HRA compliant and running smoothly.
Customize an HRA plan that fits your business needs and budget. Our platform guides you through the process, ensuring your plan aligns with your objectives and compliance requirements.
Easily communicate the new HRA plan to your employees. Our platform offers tools and resources to help explain the benefits and how they can make the most of the plan.
Streamline the reimbursement process for your employees. Our intuitive HRA platform simplifies the submission and tracking of claims, making reimbursements quick and hassle-free.
At Take Command, we understand the unique challenges of businesses like yours. That's why we offer more than just software - our dedicated team of QSEHRA experts is here to guide you every step of the way.
Whether you need help with compliance, employee onboarding, or policy changes, we've got you covered. So why go it alone when you can have the support and expertise of the Take Command team?
Want more info about our HRA administration software? Our team is on standby to help you see how our small business HRA administration tool can work for you. In the meantime, check out the administration chapter in our handy new QSEHRA Guide!
Offering a range of health benefits is essential in today's diverse workforce. Flexible and inclusive health plans not only cater to the varying needs of employees but also reflect a company's commitment to their well-being.
Personalized health plans provide employees the freedom to choose coverage that best suits their individual or family needs, enhancing satisfaction and overall well-being.
For example, a small business could use QSEHRA to reimburse an employee for a yoga class subscription if it's considered a qualifying medical expense. This arrangement is especially beneficial for small companies looking for a cost-effective health benefits solution.
A large company could offer ICHRA to allow employees to choose their own insurance plans, catering to those who prefer alternative medicine or need specific treatments not typically covered under traditional plans.
HRA software helps manage Health Reimbursement Arrangements by automating tasks like expense tracking, reimbursement processing, and ensuring compliance with laws.
Yes, most HRA software solutions are designed to integrate with various payment methods, streamlining the fund management and reimbursement processes.
Fees typically vary based on the number of employees and the level of service required, usually charged every month.
Business owners can participate in their company's HRA, provided they meet certain eligibility criteria set by the plan.
Administering an HRA requires adherence to IRS guidelines, proper documentation, privacy compliance, and regular monitoring of expenses and reimbursements. That's why HRA administration software is so important!
An HRA Manager oversees the administration of the HRA plan, ensuring compliance, managing claims, and addressing participant inquiries.
Employees submit their healthcare expenses through the software, and upon approval, they receive reimbursements either directly to their bank account or via check.
This post was originally published in 2018 and has been updated in 2024 to reflect all of the exciting changes in the HRA world.