The number of employers offering an ICHRA grew 64% between 2022 and 2023.
SALT LAKE CITY – Aug. 23, 2023 – PeopleKeep, the leader in personalized benefits administration software for small and medium-sized organizations, released an enhanced individual coverage HRA (ICHRA) platform, allowing employers to better manage this individualized health benefit. This comes as ICHRA adoption grows rapidly across the country.
Findings from PeopleKeep’s 2022 Employee Benefits Survey Report show that 87% of employees value health benefits—additionally, employees value the ability to choose their own benefits, like health insurance, instead of having their employer choose for them.
The individual coverage health reimbursement arrangement (ICHRA) gives employees the freedom to choose their own individual healthcare plan and customize their health benefit to meet their specific needs. Recent data from the HRA Council, of which PeopleKeep is a member organization, found:
- A 171% growth rate in the number of workers offered an ICHRA between 2022 and 2023
- A 64% growth in the number of U.S. employers offering an ICHRA in the same timeframe
- The number of applicable large employers (ALEs)—those who must comply with the Affordable Care Act’s employer shared responsibility provisions—offering an ICHRA grew by 144%
In preparation for open enrollment and in anticipation of continued employer adoption, PeopleKeep has undertaken significant enhancements to its ICHRA platform.
Improvements to PeopleKeep’s ICHRA solution include:
- Redesigned dashboards and reports for plan administrators and their organizations to gain more real time insight into the adoption of their ICHRA
- Adoption of artificial intelligence tools that reduce the time it takes for an employee to receive reimbursement for eligible expenses
- Streamlined benefit design and setup experience to help smaller employers who want to get started quickly and without additional assistance
"As the shift to ICHRA accelerates, PeopleKeep remains committed to providing an excellent ICHRA experience for employers and their employees," says Victoria Glickman Hodgkins, CEO of PeopleKeep. "With our new enhancements, we expect the pace of improvement under our agile software development process to speed up significantly, which will be rewarding for our customers, partners and employees."
To learn more about PeopleKeep’s ICHRA solutions, visit: https://www.peoplekeep.com/product/ichra
PeopleKeep helps organizations thrive by taking care of their employees with hassle-free benefits. As the first to market an ICHRA solution in October 2019, PeopleKeep has learned what the thousands of employers who use our software want: a seamless employee experience, easy-to-use software, and automated compliance.