Searching to find the best benefits administration software for businesses large or small? You've arrived at the right place. There’s an increasing trend among small business owners to forgo the traditional, one-size-fits-all employer-sponsored group plans and go for a reimbursement model, sometimes known as a defined contribution model or 401(K) style benefits. There are many rules and regulations surrounding HRAs, the details which can change from year to year. Let's take a glance at how good benefits administration software does the heavy-lifting for you personally.
Why do you need benefits administration software?
We obtain a lot of folks asking whether they can administer their very own HRA. Good advice? Don’t even think about this. For one, since we are dealing with health insurance and employees’ health, privacy is a big deal. Things might get pretty uncomfortable for everybody involved. Then there’s the entire issue with the HIPAA Privacy Rule, that is another layer of protection for employees’ private health information. It’s also time consuming for business owners to maintain the medical receipts, maintain all of the health information inside a secure way, and handle the paperwork that accompany it.
If you've got a misstep, civil penalties ranges from $100 to $50,000 per incident without any jail time to more severe offenses leading to as much as $250,000 in fines and Ten years imprisonment, particularly if information was taken under false pretenses or disclosed on purpose. No thank you.
Have we convinced you? We thought so. Save the energy and potential violation penalties and employ a third-party administrator.
Peace of mind for you
There are lots of regulations surrounding HRAs, the details which can alter annually. You shouldn’t have to keep track of this; the best benefits administration software for businesses should have built-in, automatic updates to ensure compliance.
Your software should include the next features:
- Legal plan and summary plan description (SPD).
- A means of collecting and storing employees' electronic signatures.
- Privacy features that make sure the company does not view employees' protected health information (PHI).
- ERISA compliance.
- Documentation regarding appeal requirements, notifications, and operations.
- Continued coverage of dependent children up to age 26.
- Automated notice requirements for employees' eligibility and annual allowance.
Take Command: the very best benefits administration software for companies
With our platform, establishing an HRA will be a walk in the park. We’ll handle all the accounting and legal legwork, look after on-boarding all of your employees (or clients), making tax season simple and easy , painless. We do this through innovative tools that make this process as simple and intuitive as possible.
Our platform makes reimbursing your employees simple and easy. It will save you time and money, and provide you reassurance. The platform navigates users through:
- what to reimburse – medical health insurance premiums and/or qualified medical expenses (their email list is long!!)
- waiting periods
- start dates
- and provides legal plan documents, employee onboarding, receipt tracking, compliance monitoring, and tax reporting.
We'll help enroll employees, too
Take Command may be the only HRA administrator which has an individual insurance platform to help employees choose plans to work with their HRA. You will see a lot of questions from both you and your employees, and we’re here for it.
Our passion is to make health benefits enjoyable for you and your employees.
We is going to be closely involved during the initial setup process as well as your employees’ onboarding. We’ll also be designed for any give you support need as you’re on our platform.
Automatic tax-reporting and compliance for benefits administration software
This one’s really important. We look after compliance, notifications, and reporting all the way. We also keep our ears to the ground for regulatory changes coming the right path that may affect your HRA.
- Legal Plan Documents
- Employee Insurance Verification
- IRS & Other Deadlines
- Receipt Tracking & Storing
- Regulatory Change Monitoring
- HIPAA and Privacy Compliance
Next steps
Is your organization or client going to be part of this exciting change? Chat with our team with any queries you might have about these tax-friendly benefits or check out our QSEHRA or ICHRA Guide for more information on setup processes, requirements, and rules.
