Just in time for 2021 Open Enrollment, PeopleKeep yesterday launched a new online tool, the ICHRA decision tool. With this tool, organizations finally have a way to easily compare ACA marketplace or state exchange individual health insurance plans to traditional group health insurance plans. Using this information, they can then work with a PeopleKeep personalized benefits advisor to design an individual coverage health reimbursement arrangement (ICHRA) to meet the unique needs of employees, HR staff, and the business—something that one-size-fits-all group plans cannot typically do.
In the press release, PeopleKeep CEO, Victoria Hodgkins notes: “It’s critical that employers understand that they have health benefit options that can help them manage their budget while giving employees good insurance choices. Our new ICHRA design and decision tool, combined with expert advice from our team, makes exploring an ICHRA for each organization’s specific situation much easier.”
How the ICHRA decision support tool works
Using this first-of-its-kind online software, customers enter key information, including information about their group health plan or group health plan quote, what they and their employees want most from their insurance plan, and relevant employee data, like age and location. The tool then analyzes available, affordable plans to see which of meet the criteria the customer specified. From there, customers can work with a PeopleKeep expert to design an ICHRA to the specific needs of the organization.
How organizations benefit
Using the online tool, a PeopleKeep Personalized Benefits Advisor will help organizations understand:
- The budgetary trade-offs between their current group plan or quote versus an ICHRA.
- The costs of different on-exchange plans available to each specific employee based on age and location.
- How Applicable Large Employers (organizations with 50+ employees) can meet affordability requirements under the Affordable Care Act, including understanding the use of key safe harbors.
- How minimum class sizes apply in cases where the employer intends to keep or offer employer-sponsored group health insurance to a different class of employees.
The tool is currently only available when working with a PeopleKeep Personalized Benefits Advisor. However, PeopleKeep can grant access to licensed insurance brokers, benefits advisors and certified public accountants to use with clients interested in the service.
With the ICHRA decision tool, organizations can easily find the best individual insurance plan for their employees. They can then work with a PeopleKeep expert to design an ICHRA benefit that provides the right allowances and features to keep employees happy and healthy, while also keeping costs in check.