It’s easy to get overwhelmed when you're looking for an HRA administration tool for your business's health reimbursement arrangement, especially when you have a lot on your plate. It goes without saying that it's important to do your homework. Here's what to ask.
How to choose an HRA administrator?
Here's what you should look for, in a nutshell.
- Legal document generation and management
- Employee onboarding
- Easy signups
- Ability to review and approve HRA documents, view monthly reimbursement reports, add/remove employees, manage subscriptions, update payment information, and see overview information about HRAs.
- Enrollment support for employees
- Easy to use online portal for submitting receipts
How long does it take to set up an HRA and generate plan documents?
Your time is valuable and the HRA administration tool should make it fast and easy to administer your HRA. The tool should help you quickly create legal documents and enroll your employees so you can focus on running your business.
Where will employees purchase individual health insurance?
You want your employees to utilize the HRA benefit you are providing and some might need to enroll in a health plan if they are not currently enrolled. An HRA administration tool that allows them to shop and compare plans in one spot will make it easy for them to purchase a plan and complete enrollment in the company HRA.
Our online tool at Take Command is easy to use and employees can search plans by doctors, prescriptions, and expected needs to find a plan that suits them.
How do employees submit reimbursement requests and follow up on their status?
The HRA administration tool should be easy for employees to use and allow them to submit requests online. Logging into the employee portal, employees should be able to see what has been submitted, approved, or declined. Further email notices should be available to provide employees with status updates of their requests.
Who can employees talk to if they have issues with reimbursement requests?
The HRA administration tool should make it easy for employees to contact support through email, chat, or phone. All reimbursement requests are handled through the online tool, freeing up time for your HR personnel.
Is prefunding required for a health reimbursement arrangement?
Prefunding should not be required from your administration tool and funds should remain with your company not your HRA administration tool.
How much does HRA administration cost?
Ideally your administration tool will have a one-time setup fee. In addition, you will pay a monthly fee per employee for administration purposes. Avoid tools that require a yearly renewal fee.
Take Command as your administration tool
Take Command is ready to be your HRA administrator. We offer support for you as a business owner as well as your employees. Our small business experts will take care of the details so you can go back to managing your business.
Here's how we can help.
- We handle all the legal work and make tax season easy and painless
- Employee onboarding
- An easy and quick online signup process
- A customized admin portal for your business allows you to review and approve HRA documents, view monthly reimbursement reports, add/remove employees, manage subscriptions, update payment information, and see overview information about HRAs.
- We offer a data-driven platform to help them pick the best on- or off-exchange plan based on their preferred doctors, unique needs and prescriptions.
- Our customized portal allows them to enroll in the HRA online, view their HRA documents, submit medical expenses (if allowed), access their membership benefits, and upload their proof of coverage for compliance checks.
I wrote this blog because I love helping people decode confusing insurance jargon and understand the fine print. I'm a licensed health insurance professional and specialize in simplifying health insurance for individuals and small businesses. My QSEHRA articles have been featured regularly on Accounting Today, Accounting Web, HRWeb, and other industry publications. I'm also a member of Take Command Health's client success team and a full-time mom. Learn more about me and connect with me on our about us page. Thanks!