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Automated ICHRA Administration

Repaysme provides employers a cost-effective, yet sophisticated, record-keeping solution to self-manage "Individual Coverage Health Reimbursement Accounts", or "ICHRAs".

Recent, federal rule changes create ICHRAs as a new type of Health Reimbursement Account (HRA), one that allows reimbursement of individual market health insurance premiums. Like traditional HRAs, the new ICHRA option is an employer-funded, notional account that an eligible employee may use to help pay for an IRS-recognized, qualified medical expense (QME).

The defined-contribution approach offers employers an opportunity to control health costs using controllable ICHRA budgets that allows savings due to a more favorable (controlled) trend over time. The ICHRA plan also allows employees to gain greater control over their own premium and plan costs while potentially expanding health plan choices.

Over time, ICHRAs will simplify benefit administration requirements for employers, however employers will need a record-keeping platform such as Repaysme to track employee ICHRA contributions, reimbursements and attestations. Check out the Acero Knowledge Center for additional, detailed information on ICHRA rules and benefits, or please contact us if you'd like to have a conversation about the new option.

A Closer Look at Repaysme's Advantages

The platform makes adoption of an ICHRA easier for an employer to implement and maintain.

Once the employer configures the platform based on the key attributes of their ICHRA offering — such as who will be eligible, how much money an employee will receive, and eligible QMEs, — Repaysme will automate the process for employees to register and use the ICHRA while minimizing the amount of work an employer needs to do. Using employer census information, the application triggers required notices, welcomes employees with educational materials and calculators that explain options such as the potential choice between premium tax credits and an ICHRA.

Repaysme simplifies the employer steps to implement and administer an ICHRA.

If an employee elects the ICHRA, Repaysme will automatically fund accounts (based on employer-defined rules); track attestations and substantiated expenses (for authorized expenses); and facilitate steps for the employer to make direct payments to payers or to the employee.

The ICHRA removes the employer from the employee-insurer relationship (other than the financial help). While it may take some time, once ICHRAs are more widely adopted, new employees won't need onboarding help to understand each new employer's unique health benefits, plan choices and provider options. Employees will simply need to understand how much financial help to expect and where to register for payments.

With an ICHRA, employee health coverage becomes more continuous – the employee owns the insurance coverage – even when changing employers (or employment status with the same employer). REpaysme helps employers establish and maintain this arm's length relationship with the employee's insurance.

Bottom line, Repaysme offers employers a highly-automated solution at a reasonable cost.

Repaysme's Bottom-Line Impact

  • Integrated
    The solution is designed as a one-stop option for employers to offer and administer ICHRAs. The solution will interface directly with payers that support electronic payments; employees will use intuitive self-service features to track fund balances, contributions and submit qualified expense requests.

  • Scalable
    Acero's suite of technology enabled services are proven. Repaysme leverages core components of PlanXpand, a suite of services that supports processing of enrollment, claims and payments for 2M+ members annually.

  • Enabling
    Facilitates any number of employer classes; multiple contribution strategies; fund rollover and reporting functions.

  • Real-Time
    Empowers timely and accurate contribution and expense request tracking.

  • Proven
    Record-keeping requires accurate tracking of allocations and disbursements. The solution will prevent excess contributions, support controls for expense tracking and provide the employer with reports to reconcile numbers.

  • Sophisticated
    Seamlessly handles complicated funding calculations, coverage changes, fund rollovers and other challenges with greater simplicity for employers to administer

Repaysme's Features

  • ICHRA templates
  • Easy-to-configure enrollment
  • Employee self-service tools to evaluate, enroll and use ICHRAs
  • Education and tools to help employees understand how ICHRAs work
  • Automated notice distribution
  • Dynamic account allocations and calculations
  • Web, mobile and phone support
  • Consolidated employee and employer reports
  • Simplified premium payments

To learn more about Repaysme and ICHRAs, visit the Repaysme site or contact our Team