PeopleKeep Releases Health Reimbursement Arrangement Product for Employers Offering Group Health Insurance
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.
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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).
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