PeopleKeep Expands Benefits Platform with Individual Coverage Health Reimbursement Arrangement Product

SALT LAKE CITY, Sept. 5, 2019 /PRNewswire/ -- PeopleKeep, the leader in personalized benefits for small businesses, is launching its highly anticipated individual coverage health reimbursement arrangement (ICHRA) product, available for purchase on September 26, 2019. 

The ICHRA, created this summer through federal regulation, is a new way for employers to offer health benefits to employees. The ICHRA allows employers to reimburse employees tax-free for individual health policies at a monthly rate the employer sets based on their budget.

In offering an ICHRA product, PeopleKeep will expand the flexibility and use of health reimbursement arrangements (HRAs) and other reimbursement plans to provide more employees with additional options to obtain health care coverage. 

PeopleKeep's solution helps businesses comply with the new ICHRA regulations, such as the requirement that employers notify their employees 90 days prior to starting an ICHRA benefit. Employers who are interested in a January 1, 2020 benefit start must notify their employees by October 3, 2019. 

"Businesses need more flexible benefits solutions to help hire and keep talented employees," said PeopleKeep CEO Victoria Hodgkins. "As the original provider of automated health reimbursement arrangements, PeopleKeep is uniquely positioned to offer the new individual coverage HRA benefit. The continued expansion of health benefit options for employers who want to take care of their people while tailoring their benefits to their business needs is an important development for our country and economy."

As part of their launch, PeopleKeep is building tools to help employers determine which HRA benefit is right for their business and employees; and to help guide employees through the trade-off decision between keeping their premium tax credits (if eligible) and adopting the ICHRA. 

After onboarding thousands of organizations, PeopleKeep knows how to streamline and automate the benefit design process to be clear and easy for administrators and has personalized benefits advisors available to help them through the process.

About PeopleKeep 

PeopleKeep, headquartered in Salt Lake City, Utah, helps small businesses offer competitive benefits at a price they can afford. PeopleKeep personalized benefits automation software allows businesses to reimburse employees tax-free for medical expenses. Today more than 11,500 people use PeopleKeep to participate in benefits that help them live better lives. https://www.peoplekeep.com/

SOURCE PeopleKeep

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