Your charges will begin when employees become active on our platform. You decide when you would like your HRA to start, then, once employees finalize their plan and applications are approved, you see how many active employees there are and will be charged accordingly. The great part is that all of this information is on your dashboard when you log into your Admin Portal!
If an employee waives coverage or opts out of the HRA, you will not be charged for them.
No. This is your cost to pay in order to have access to our platform. But we know you will feel it is an investment worth making because of how easy we make it for you and your employees.
Average health insurance costs continue to rise, and employers and employees are facing historically high premiums. According to Kaiser Family Foundation’s Employer Health Benefits Survey, premiums for family coverage were up 4% in 2021 to an average cost of $22,221. Of this total, employees pay almost $6,000 toward health insurance premiums each year.
With average health insurance costs rising, employers are looking at HRAs as employer-sponsored health insurance alternatives. HRAs enable employers to provide tax-efficient benefits without the stress of managing a traditional group plan. Plus, employees have the freedom to choose the plan they want and be reimbursed by an established amount set by the employer.
Your first bill comes the day before your HRA starts. So, if your HRA starts August 1, you are billed July 31 and then always on the last day of the month moving forward. The exception is if you start your HRA in the middle of a month. For example, if someone wanted to sign up for an HRA today that starts at the beginning of next month, then they will be billed today and then always on the the signup day moving forward.
We pride ourselves on simple, transparent pricing. The only costs will be the HRA administration platform fee and your costs per employee per month.