ICHRA renewals have begun. Are you searching for an ICHRA provider or administrator to manage your healthcare plan? Or are you considering self-administering?
ICHRA is a new benefit option that has various iterations of administration. However, administering ICHRA benefits can be a challenge for employers. Although it may seem straightforward, it can also be complex. With more education and training on how ICHRA works, employers can better understand how to administer ICHRA and educate their employees. This clarity ensures that everyone is using it correctly and makes the process easier for all involved.
How ICHRA Providers Take the Burden off Employers
Employers may face various challenges when managing ICHRA benefits, including:
- ICHRA Plan Documents: Legal documentation requirements for an ICHRA Plan include the ICHRA Master Plan, a Summary Plan Description outlining the ICHRA Plan Design, and the ICHRA 90-day Initial Notice.
- Tracking Employee Spending: Employers need to track employee expenses, such as premium reimbursements and out-of-pocket expenses (if included in the plan design), to ensure compliance. This tracking can be challenging and risky without the right technology.
- Reimbursing Employees: Proper claim adjudication is required by the IRS when reimbursing employees for their health insurance costs. Employers must determine which health insurance policies are reimbursable under an ICHRA Plan and whether employees with premium tax credits can participate in ICHRA.
- Managing Compliance: Employers must comply with all rules and regulations governing ICHRA, which can be complex and time-consuming. This includes following ERISA regulations for COBRA or state continuation, ACA reporting at year-end, PCORI filings, and adhering to HIPAA To ease the administrative burden, employers can take several steps, including utilizing appropriate technology and seeking guidance from experts in ICHRA and ICHRA providers.
Reducing the Administrative Workload
One solution is to enlist the help of an ICHRA provider or administrator, like Flyte. Flyte can handle all aspects of ICHRA administration, from plan documents to tracking expenses, adjudicating claims, and reimbursing employees and providers directly.
Flyte’s technology solutions provide automation for ICHRA administration tasks and offer transparent, easy access for employers and their team members. Additionally, Flyte supplies employees with their Flyte Benefits App, online access, and educational materials about their ICHRA plan and how to use it.
Employers prioritize risk mitigation, and Flyte takes the guesswork out of compliance to ensure that benefits plans comply with rules and regulations. Third-party premium and claims adjudication eliminate any uncertainty for employers.
Employers can streamline ICHRA benefits administration and save time by partnering with a modern benefits administrator like Flyte HCM. If you are currently self-administering or considering administering an ICHRA and want to ensure compliance, reach out to Flyte for a conversation.