Part of the appeal of using a tax-advantaged QSEHRA plan for your employees' benefits is not having to deal with pricey group insurance companies and the endless hassle that comes with administering them. However, there are obviously still some managerial details, decisions, and paperwork that need to be taken care of. The good news? QSEHRA software like ours should do the legwork for you.
Selecting the right software tool is key - one that streamlines processes easily, maintains records, and helps with legal and accounting documents. Below are just a few of the things we think you should look for when you are shopping around for QSEHRA software. And by the way, Take Command Health's QSEHRA software takes care of this (and more!).
You’ll be submitting paperwork routinely for your staff when they request reimbursement for healthcare expenses. Because of that, having a software tool that provides automatic monthly reimbursement reports is vital. Along with monthly reports, such as your reimbursement report, you will want to ensure you choose a tool that provides year-end tax reporting as well.
Approval and Tracking
Rather than spending time trying to ensure your employee’s reimbursement fits HRA criteria, find a software tool that automatically approves reimbursements based on your HRA conditions. An added benefit that will aid both you and your staff is a tool that will track all employee balances.
That little something extra
A major perk that most QSEHRA software provides don't provide is a Smart Benefits service. Smart Benefits helps in a variety of ways - from minor inconveniences, such as scheduling appointments with your doctor to potentially major inconveniences, such as negotiating a hefty medical bill. When it comes to your QSEHRA plan, having this service available to you and your staff will help with any questions regarding their insurance plans, help understanding their medical bills, and to coordinate any need for medical records requests.
This is a unique benefit to Take Command Health. Smart Benefits give a “big company” feel to a small company plan. It also helps your employees make the most out of their QSEHRA dollars. We all agree that's a good thing.
Your employees will be submitting many requests for reimbursement throughout the year. To help streamline this process, you want to pick a software that allows them to do so online or through their smart phone. QSEHRA software like ours will keep track of all paperwork that comes along with a reimbursement request- receipts, appointment referrals, medical records, etc…and will sync to your payroll software to save you a step.
Selecting and setting up a QSEHRA plan can be intimidating and overwhelming. A software tool should also come along with a staff that is available to you throughout the entire process, beginning with the setup. Look for a company (like Take Command Health!) that will help you customize your plan around your needs surrounding finances, company size, and all legal and accounting details. IRS requires a lot to keep your QSEHRA plan compliant. This is where a good QSEHRA administration tool will come in.
This tool should include:
- Your legal plan and summary plan description (SPD)
- A way to collect and store employees’ electronic signatures
- Privacy features that ensure the company does not view employees’ protected health information (PHI)
- ERISA compliance
- Documentation regarding appeal requirements, notifications, and procedures
- Continued coverage of dependent children up to age 26
- Automated notice requirements for employees’ eligibility and annual allowance
Thirsty for more?
Check out our new QSHERA Guide for information on requirements, rules, regulations, setup and FAQs. Our team of QSEHRA experts are ready to chat with you to answer any questions you have have along the way.