When you're setting up your PeopleKeep account you'll be asked if you want to opt-in or opt-out of the ICHRA benefit. You'll be given this option each time the benefit renews but can change your mind up until your benefit's effective date.
Choosing to opt-in allows you to get reimbursed for your health insurance premiums as well as getting help finding an insurance plan if you don't already have one. In order to opt in, you must have or plan to get an individual health insurance premium. What is individual coverage?
Choosing to opt-out allows you to use any premium tax credits that you may qualify for, but only if your PeopleKeep benefit is not considered "affordable".
Changing your status
If you've already opted-out, you can choose to opt-in by logging into your account and clicking OPT-IN from your account's Dashboard. Just remember
Important to know:
- Employees participating in an individual coverage HRA (ICHRA) cannot collect premium tax credits.
- Any changes in status have to be made prior to your benefit's effective date, otherwise, you won't be able to change your status until the benefit renews.