Now that you’ve decided to start offering the Small Business HRA to your employees, you need an effective way to administer it. As we discussed previously, it’s important to choose the right HRA administration tool. When you’re ready to review potential Small Business HRA providers, here are eight questions to keep in mind.
1. How Long Does It Take to Set Up and Generate Plan Documents?
Time is money. Your time is valuable, and your Small Business HRA administration tool should make it fast and easy to administer your HRA. The administration tool you choose should allow you to design the plan, enroll your employees, and create legal plan documents in under an hour.
2. Where Will Employees Purchase Individual Health Insurance?
The purpose behind offering a flexible health benefit like the Small Business HRA is to attract and retain top talent. You want your employees to use their benefits, so look for an administration tool that makes it easy for them to compare policies and purchase one that suits their needs.
3. How Do Employees Submit Reimbursement Requests? How Quickly Are Requests Processed?
The administration tool should provide employees with the option to see the status of their reimbursement requests within 24 hours of making them. The tool should also allow employees to submit and review reimbursement requests online.
4. How Are Employees Notified of the Status of Reimbursement Requests?
The administration tool should offer employees prompt email notification of all actions related to their reimbursement requests, including when a request has been received, processed, or delayed.
5. Who Can an Employee Talk to If They Have Issues with Reimbursement Requests?
Where do employees turn when they have a problem with a reimbursement request? The HRA administration tool you choose should make it easy for employees to connect with support that can help through email, phone, or chat.
6. How Are Reimbursements Handled? Is Prefunding Required?
The HRA administration tool should permit funds to stay with the company, with no prefunding required. The tool should also give you the option to record reimbursements individually or in batches.
7. How Can I Find Out About Other Businesses’ Experience with Your Tool?
Have other companies used the HRA provider’s administration tool? What has their experience been? Ask potential providers to provide examples of how the tool has worked for businesses like yours.
8. What Are the Fees Associated with Administering a Small Business HRA?
Look for an HRA administration tool that asks for a one-time setup fee and monthly fees per employee and per administration. Generally, you shouldn’t pay a yearly renewal fee.
PeopleKeep is an HRA administration tool that checks all the boxes when it comes to HRA admin must-haves. For more tips on setting up an HRA and finding the best HRA administration tool for your business, and a worksheet for evaluating a potential HRA administration provider, download our free resource, The Comprehensive Guide to the Small Business HRA.
What do you look for in a Small Business HRA administration tool? Let us know in the comments below.