PeopleKeep has released the Group Coverage Health Reimbursement Arrangement (GCHRA), which allows employers offering a group health policy to supplement their employees’ out-of-pocket expenses tax-free.
Using the GCHRA, employers of all types and sizes are able to extend the benefits of an HRA to employees under a group health coverage plan. PeopleKeep’s cloud-based software enables employers to log in to an online portal to administer their HRA in only minutes each month.
Employers can design benefits for different employee classes, deciding how much of an allowance to give employees. In addition, they may choose to require an insurance provider’s explanation of benefits (EOB) for expense reimbursements and may control costs through the use of expense deductibles or cost sharing (coinsurance).
Within the portal, employers can track reimbursement requests as well as view employees’ request history and balances. PeopleKeep’s software also instantly generates legal plan documents at sign-up and stores essential documentation for IRS regulatory compliance.
“In just minutes, employers can sign up and craft a benefit that meets their organization’s unique needs,” says Victoria Hodgkins, CEO at PeopleKeep. “Our intuitive software makes it easy for employees to submit expenses and administrators to approve reimbursements.”
The GCHRA is available to all employers offering traditional group health insurance regardless of their insurance renewal date.PeopleKeep now offers three HRA solutions: the qualified small employer HRA (QSEHRA), for employers with fewer than 50 employees; the individual coverage HRA (ICHRA) for employers of all sizes; and the GCHRA for employers offering group health coverage.
« Pandemic Highlights Reasons for Reviewing Plan Fees