As more and more organizations are turning towards the multitude of benefits offered by an Individual Coverage Health Reimbursement Arrangement (ICHRA), it’s important to choose an ICHRA administrator to assist in every facet of deploying an error-free solution. The right administration tools can help set up an ICHRA and manage compliance regulations, facilitate member communication, and efficiently enroll employees.
Ensure Your ICHRA Runs Smoothly from Start to Finish
Investing in a partner with a robust software can save your company headaches when it comes to setting up an ICHRA and maintaining compliance regulation while monitoring analytics.
Federal law and the IRS enforce strict regulations when it comes to ICHRAs. These regulations are subject to constant changes, so your ICHRA partner must not only be an expert on upcoming regulations but seamlessly implement them.
A partner devoted to innovative technology can provide:
- Safekeeping of protected health information on all fronts.
- Robust documentation regarding a summary plan description, procedures, and legal provisions.
- Peace of mind concerning compliance changes.
Automated compliance software and partnering with an expert vendor makes managing your ICHRA effortless. While an ICHRA is typically easier to manage compared to traditional group health insurance due to the lack of annual renewals and choosing a one-size-fits-all plan, an innovative administrator can make ongoing maintaince effortless by:
- Providing near-real-time access to account information.
- Implementing an easy way to manage employee enrollment and status.
- Automatize annual renewals to prevent an increase in administrative overhead.
Count on the Experts
Lacking a knowledgeable partner will prove to be costly. Depending on your company’s type and eligible employee classes, variations are needed, and you need a partner that understands the nuances of ICHRA. Your company setup and employee eligibility will depend on your ICHRA partner’s knowledge of compliance. Every ICHRA can be different. But when implementing yours, having an expert in your corner helps.
Setting up an ICHRA is only the first challenge. Outsourcing plan management and analytics will help you:
- Make necessary changes.
- Monitor analytics.
- Control expenses.
Before you make the decision to partner with someone to help you set up your ICHRA, inquire about the company’s expertise in analytics and reporting processes to ensure everything on the backend is running smoothly.
Invest in a Great User Experience
A quality ICHRA partner knows that employee experience is paramount. From member communication, to selecting an individual health plan, and submitting for reimbursements, the most well planned ICHRAs are useless if employees do not know how to utilize them effectively.
Key features an ICHRA administrator can help you with:
- Employee correspondence, including a welcome letter and instructions on how to utilize an ICHRA.
- Providing resources to assist them in signing up for health plans.
- Managing reimbursement accounts and requests.
ICHRA allows customizable and flexible benefits without breaking the bank. Make sure you are providing all the resources needed to ensure the employees are capitalizing on this exciting opportunity. The importance of a user-friendly experience continues to mount as more companies are realizing the importance of offering competitive benefits packages. Set yourself apart from the crowd by placing the needs of your employees first.
Before you jump into any kind of agreement, follow up on these points to ensure you are making the best move. Or you can simply partner with W3ll and find the expertise, knowledge, affordability, and long-term capabilities you need. Contact us today to explore our valuable partnership opportunities. We can offer the tools and support to help you develop, launch, and maintain an ICHRA offering that meets your needs.