HRASimple supports the health insurance evolution This powerful web-based platform dramatically reduces group insurance administrative hassles In what has been described as an “evolution in health insurance,” a growing number of employers are taking advantage of an Individual Coverage Health Reimbursement Arrangement — more commonly known as ICHRA. Designed as an affordable alternative to costly group health insurance, this federal program is dramatically transforming the way employers offer health insurance to their employees. With an ICHRA, employers provide tax-free reimbursement to their workforce to purchase an individual health plan and, in the process, save an average of 15% compared to traditional group coverage. To take full advantage of the money-saving benefits of an ICHRA, employers need a way to effectively put it into place. Enter HRASimple, one of the nation’s first and largest innovators to use administrative tools to support ICHRA.
Q: What exactly is HRASimple? A: HRASimple is a powerful, web-based platform for
administering an ICHRA. HRASimple handles all the administrative tasks, simplifying the employer’s role and lowering costs of implementing and managing an ICHRA.
Q: How is HRASimple different than other ICHRA platforms? A: Here’s a key difference: Employees have a one-stop site for finding, comparing, and enrolling in plan options. There are dozens of plans from which to choose, including off-market options. Each family member can select a different individual health plan with the level of coverage that meets their specific needs.
HRASimple is a HealthOne Alliance, LLC company. HealthOne Alliance is a founding member of the HRA Council (HRACouncil.org). 6
www.HRProfessionalsMagazine.com
Q: How does the reimbursement process work? A: The employer is responsible for deciding the
reimbursement amount for employees. HRASimple then pays the monthly premiums on behalf of each employee and reconciles them with the employer. This eliminates reimbursement delays and saves the employer plan administrator a considerable amount of time each month.
Q: How does HRASimple impact an employer’s bottom line? A: As noted earlier, HRASimple enables employers
to take advantage of the savings that an ICHRA offers compared to group health plans — with less administrative hassle. Consider the case of Hamilton Health Care System in Georgia. When this renowned organization implemented an ICHRA and used HRASimple to administer it, the results were impressive. Hamilton realized annual savings of $7,285,032 for 2021 for their employee health insurance.
Q: What are some other advantages of HRASimple? A: Employers have access to HRASimple’s educational
materials to guide them in implementing an ICHRA. HRASimple also performs ongoing platform tasks — including uploading qualified receipts and monthly accounting — and provides a dedicated customer service line with extended hours.
TO LEARN MORE: Call or email Mark Mixer, HRASimple CEO: 706-403-5672 • MMixer@HRASimple.com www.HRASimple.com/save
