Once a business has set up the benefit, it must manage and administer the QSEHRA appropriately.
There are three key points to keep in mind:
1. Keep the benefit up to date.
As employees move on and new workers come on board, QSEHRA administrators must update the benefit to reflect staffing changes.
2. Process reimbursements and store documentation.
The business must properly review reimbursement requests, record them, and store the supporting documentation in accordance with IRS and Department of Labor regulations.
3. Evaluate allowances, track regulatory changes, and update plan documents.
Whenever it needs, the business can change allowance amounts. To do so, they must update their plan documents and send employees appropriate notice. They may also need to update their plan documents in response to any regulatory changes that occur during the life of the benefit.
While these steps may look simple, there are a number of very complicated laws and regulations guiding each. If a business missteps, it could be subject to hefty fines from the federal government.
Due to this concern, as well as personal time constraints, most businesses turn to an administration tool like PeopleKeep to help.
PeopleKeep generates real-time QSEHRA plan documents, automates expense verification, provides employee shopping assistance, and answers any and all employee questions.