The increasing popularity of health reimbursement arrangements (HRAs) has made it clear that they're a great option for reducing costs and offering health benefits. By selecting the right HRA software administrator, you can take advantage of maximized cost savings while keeping administration simple. Here's a checklist of features to look for in an HRA software provider.
Feature #1: Setup & enrollment
Does the HRA software provide a simple, automated setup process? We suggest looking for an HRA administrator that makes setup and plan design easy, and that instantly generates the required ERISA, HIPAA, and IRS plan documents. Additionally, employees should be able to e-sign their enrollment documents with a click of a mouse.
Feature #2: Online reimbursement request submission
Does the HRA software provide unique accounts for employees to submit reimbursement requests? Online submission makes HRA reimbursements simple and transparent for employees. In addition to submitting expenses online, employees should be able to see all account activity, request status, and HRA balance information.
Feature #3: Quick review turnaround
Does the HRA software review reimbursement requests quickly and accurately? Look for an HRA software that reviews requests within a maximum of two business days. This will ensure that employees receive reimbursements without unnecessary delays.
Feature #4: HIPAA privacy
A good HRA software will ensure HIPAA compliance by keeping all sensitive Protected Health Information (PHI) locked down. Look for an HRA software that securely stores all receipts online and makes them available in the employee's private portal for convenience and easy reference.
Feature #5: Real-time notifications
Does the HRA software provide real-time updates on requests and reimbursements? Look for an HRA software that provides email or text notifications for reimbursements and HRA balance information. Additionally, they should provide accessible employee support via chat, phone, and email.
Feature #6: Instant access to HRA plan documents
Does the HRA software provide easy access to HRA plan documents? Look for HRA software that makes the plan documents available through the online portal.
Feature #7: Flexible plan design
Does the HRA software provide flexible HRA plan design options? Look for an HRA software that offers customizable HRA plan design. The plan documents should be created electronically at the time of plan set up and instantly revised any time the plan design is changed. And give them bonus points if they don’t charge for revising your plan documents.
Click to learn more about PeopleKeep’s HRA administration software. We meet every one of the features listed above, and would love to work with an organization like yours.