DALLAS, Oct. 3, 2019 /PRNewswire/ -- Take Command Health, a health tech startup and market leader in HRA administration, announced today that their Individual Coverage HRA (ICHRA) administration platform is now open for business, in preparation for the new HRA's effective date of January 2020 and open enrollment.
ICHRA, with its unlimited reimbursement rates and custom class options, represents a new way for employers to provide health benefits. Instead of purchasing a traditional one-size-fits-all group plan, employers of any size can provide a monthly allowance for employees to purchase their own insurance and get reimbursed.
"HHS estimates up to 11 million employees could be using ICHRA in the next few years; we think it could be much higher," shares Take Command Health CEO, Jack Hooper. "Reimbursing is just so much simpler for employers compared to managing a traditional group plan, plus employees can then purchase exactly what they want. It's a win-win."
Take Command Health is the only HRA solution to also provide a private insurance exchange, allowing employees to review and compare individual plans that will work with their ICHRA. This provides a one-stop shop for employers and employees and an excellent resource for brokers, CPAs, or benefits consultants looking to provide tax-friendly solutions to their clients.
"We're particularly proud of the employee experience and flexibility our platform provides for employers and employees," adds Hooper. "We'll support all 11 employee classes plus custom classes out of the gate. People will be surprised how flexible and simple it is to offer benefits this way."
The platform navigates users through employee class options, reimbursement rates, what to reimburse, waiting periods, start dates, and provides legal plan documents, employee onboarding, receipt tracking, compliance monitoring, and tax reporting.
With no setup fees or long-term contracts, the ICHRA solution starts at $15 per employee per month and is available in all 50 states.
About Take Command Health
Take Command Health launched five years ago with the goal of bringing awareness, advocacy, and transparency to the confusing world of health insurance. It's now at the forefront of this issue, a recognized leader in QSEHRA administration and a loud proponent of the new Individual Coverage HRA, with customers in every state.
Take Command Health
SOURCE Take Command Health