Health insurance is your second-biggest line item. When you leverage an ICHRA, you’re not only benefiting employees, you're making payroll deductions a breeze.
Take Command manages enterprise ICHRA from start to finish, including paycheck deductions.
In this article:
- How ICHRA paycheck deductions work
- What HR, CFOs, and brokers should know about ICHRA deductions
- Take Command AutoPay
- Tax deductions for ICHRA
- What to read next
How ICHRA Paycheck Deductions Work
You’re considering an ICHRA, but you’re not sure about paycheck deductions. How do they work? Is it like group insurance? Do I have to take on extra responsibility? The short answer is Take Command takes care of it.
When you choose Signature by Take Command, money management works just like a typical health insurance payroll deduction. Our AutoPay offering mimics the cash flow of a group plan, so you’re getting all the benefits of ICHRA with the payroll management you’re used to.
Here’s a quick scenario of ICHRA paycheck deductions
An employee premium is $800/month, and your company contributes $600 of that. The employee is responsible for the $200 balance, so Take Command manages the $200 paycheck deduction. That’s it!
Since ICHRA lets you set a standard contribution for each employee group, you’re paying a consistent, reliable allowance instead of different premiums for each employee.
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What HR, CFOs, and Brokers Should Know About ICHRA Deductions
HR
The unknown of an ICHRA can feel scary, and you might worry that it’s cumbersome. But Take Command oversees ICHRA administration for HR teams. We offer on-demand compliance and regulatory support, and your Signature Customer Success Manager handles all day-to-day tasks including employee questions and paycheck deductions.
CFOs
ICHRA is appealing to CFOs because of the predictable budget. You avoid the unknown of high claims and are able to forecast with confidence. In addition to that stability, Take Command handles all ICHRA invoicing, and we provide clear and transparent reporting showing every dollar in and every dollar out.
Brokers
The world of health insurance gets more complicated by the day, so many brokers are recommending ICHRA to their clients. When you choose Take Command as an ICHRA administrator, you can trust that your client’s payroll deductions are managed well and seamlessly.
Take Command AutoPay
AutoPay is a Take Command offering that gives you stress-free premium payments and easy administration.
Here’s how it works: 1) An employer funds their disbursement account with monthly transfers, 2) insurance companies pull payments from the disbursement account, and 3) deductions are processed exactly how they are on the group plan.
AutoPay gives you:
- Simplified payments
- Increased transparency
- Streamlined reporting
ICHRA Tax Deductions
There are a lot of ICHRA tax benefits, which is one reason it’s appealing to so many companies. But keeping track of compliance? Not so fun.
That’s where Take Command comes in. In addition to managing paycheck deductions, our experts are constantly monitoring the compliance landscape. We keep you updated on compliance changes and also take care of everything from legal documents and employee notices to PCORI, 1094, and year-end reporting.
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