SALT LAKE CITY, May 12, 2020 /PRNewswire/ -- PeopleKeep released today its latest product, the Group Coverage Health Reimbursement Arrangement (GCHRA), which allows employers offering a group health policy to supplement their employees' out-of-pocket expenses tax free.
PeopleKeep now offers three HRA solutions: the qualified small employer HRA (QSEHRA), for employers with fewer than 50 employees; the individual coverage HRA (ICHRA) for employers of all sizes; and the Group Coverage HRA (GCHRA) for employers offering group health coverage.
The GCHRA is specifically designed for employers currently offering traditional group health insurance. Using the GCHRA, employers of all types and sizes are able to extend the benefits of an HRA to employees under a group health coverage plan. PeopleKeep's cloud-based software enables employers to log in to an online portal to administer their HRA in only minutes per month.
Using the GCHRA, employers can design benefits for different employee classes, deciding how much of an allowance to give employees. In addition, they may require an insurance provider's explanation of benefits (EOB) with expenses and control costs through the use of expense deductibles or cost sharing (coinsurance).
Within the portal, employers can track reimbursement requests as well as view employees' request history and balances. PeopleKeep's software also instantly generates legal plan documents at sign-up and stores essential documentation for IRS regulatory compliance.
"In just minutes, employers can sign up and craft a benefit that meets their organization's unique needs," said Victoria Hodgkins, CEO at PeopleKeep. She continues, "Our intuitive software makes it easy for employees to submit expenses and administrators to approve reimbursements."
"One major reason we chose to build this product was because we found a lot of employers who want to supplement the out-of-pocket costs of their group health insurance plans. Now, more than ever, we are aware of the rising costs of healthcare and the growing imperative to form a strong partnership between employer and employee to address health benefit needs."
The GCHRA is now available to all employers offering traditional group health insurance regardless of their insurance renewal date. PeopleKeep also offers additional HRA products to employers looking for alternatives to group health insurance.
Reach out to a PeopleKeep personalized benefit advisor today to get started: