ICHRA administration cost
The Take Command HRA administration platform starts at $20 per employee, per month. If you consider how much that takes off your plate, the ICHRA administration cost is a steal! ICHRA administration software will save you time, headaches, and even penalties if you have trouble correctly navigating the compliance requirements and complex rules.
You want to ensure your business is on the up and up with the ICHRA plan rules and stays on top of ICHRA eligibility. We’ve got you covered!
ICHRA administration software
- If you’re wondering how to administer ICHRA, the (easiest and best) answer is to use ICHRA administration software. You’ll benefit in many ways when you use the Take Command ICHRA administration software. Through this HRA platform, you’ll get help with:
- ICHRA legal plan documents
- Onboarding employees
- Tax documents and year-end reporting
- HIPAA and privacy compliance
- A customized admin portal to review and approve ICHRA documents, view monthly reimbursement reports, add/remove employees, manage subscriptions, update payment information, and see overview information about their ICHRA.
We’ll also help employees get the most out of their ICHRA by:
- Providing helpful educational material to communicate to your employees the benefits of their new ICHRA and how to get the most out of it
- Supporting employees while they shop for individual health insurance plans to use with their ICHRA. We have our own window shopping tool to make it easy!
- Answering questions along the way
- Providing an easy platform to request reimbursements
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HRAs are complex and there’s a lot of information to digest. The individual coverage HRA is basically a “super-charged” version of the QSEHRA. It works for businesses of any size and does not include contribution limits. This makes ICHRA an optimal plan for businesses with a modern mixed workforce.
ICHRA reimbursement can be applied to all employees, or employers can choose to create different reimbursement rules for different types of employees, referred to as employee “classes”. ICHRA rules allow employers to offer one set of reimbursement rules to full-time employees and a separate set of rules for part-time employees.
Your business ICHRA plan document will outline the specifics of your ICHRA reimbursement classes, which can’t be used to discriminate or adversely shift health risks off of an existing group plan. ICHRAs provide the flexibility to help employers fine-tune their offerings.
Here’s a list of how you can segment employees into ICHRA classes:
- Full-time employees
- Part-time employees
- Seasonal employees
- Employees covered by a collective bargaining agreement
- Employees who have not satisfied a waiting period for coverage
- Salaried employees
- Non-salaried employees
- Temporary employees of staffing firms
- Non-resident aliens with no US-based income
- Employees in the same geographic rating area
- Any combination of two or more classes from above
ICHRA providers
An ICHRA provider is a service, platform, or software that facilitates the employee benefits plan. It’s the method that serves as a bridge between the employers offering ICHRAs and the employees using them.
ICHRA providers offer business owners a great alternative to traditional health benefits. Your ICHRA integrates with the employee's individual health insurance, rather than your business providing the coverage. This type of plan gives employees a health benefit that actually better fits the needs of the business and the employees.
ICHRA providers, like Take Command, help to streamline the process which helps your business save time, money, and stress while adding huge value to your health benefits offerings. In addition, your ICHRA provider ensures you stay compliant and follow all ICHRA IRS rules and regulations, HIPAA regulations, and much more.
Check out this blog to read more about the ICHRA pros and cons.
ICHRA third-party administrators
As a business owner, you already have a full plate. Adding the not-so-small task of administering your ICHRA would be a huge load to carry. When you work with a third-party administrator (ICHRA TPA), you can outsource this load to a skilled team (and HRA software).
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