Are you considering reimbursing your employees tax-free for health insurance through a Qualified Small Employer HRA (QSEHRA)? You probably have questions about compliance, tax-time paperwork, onboarding, and a slew of other things you don’t have time for. Or maybe you’re just wondering about QSEHRA administration cost. This post will walk you through what you need to know.
QSEHRA administration cost
It’s easy to get overwhelmed when you’re looking for a small business HRA administration tool for your business, especially when you have a lot on your plate.
Our QSEHRA administration portal makes it easy, and starts at just $15 per employee, per month.
Many considering this option start to wonder how easy it is to set up a QSEHRA and what the upkeep looks like in an already crammed schedule. We’re here to tell you that using a third-party HRA administrator (like Take Command) will save you time, headaches, and even penalties if you have trouble correctly navigating the compliance requirements and complex rules. A QSEHRA administration tool will do the heavy lifting for you.
Getting started with QSEHRA
To get set up a small business HRA, all you have to do is decide:
- How much to reimburse each month
- What to reimburse (premiums, qualified medical expenses, spouse plan premiums)
- Whether to include part-time employees
- Whether or not to implement waiting periods
- When to start offering your QSEHRA
We are often asked whether an employer can administer their own QSEHRA. Our best advice? Don’t even think about it. For one, when dealing with health insurance and employees’ health, privacy is a big deal. Things could get pretty uncomfortable for everyone involved. Then there’s the whole issue with the HIPAA Privacy Rule, which is another layer of protection for employees’ private health information. It’s also time consuming for business owners to keep up with the medical receipts, maintain all the health information in a secure way, and handle the paperwork that comes with it.
A good QSEHRA administration tool will do all the heavy lifting for you and help you navigate the process from start to finish. Ours will help you with:
- Legal documents
- Onboarding employees
- Tax documents and year-end reporting
- HIPAA and privacy compliance
- A customized admin portal to review and approve QSEHRA documents, view monthly reimbursement reports, add/remove employees, manage subscriptions, update payment information, and see overview information about their QSEHRA.
84% of our clients surveyed said they spend less than an hour each month administering their HRA.
We’ll also help employees get the most out of their QSEHRA by:
- Providing helpful educational material to communicate to your employees the benefits of their new QSEHRA and how to get the most out of it
- Supporting employees while they shop for an individual health insurance plan to use with their QSEHRA
- Answering questions along the way
- Providing an easy platform to request reimbursements (like simply snapping a picture and uploading on phone)
QSEHRA administration cost with Take Command
We are the only QSEHRA administrator that also provides support for individuals shopping for health insurance. We can help your employees shop for off- and on-market plans, compare plans side by side, and see what works best for them, their preferred doctors, and their prescriptions.
Reach out and let’s get going!