When you're setting up your PeopleKeep account for the first time, you'll be asked if you want to opt-in or opt-out of the ICHRA benefit. You must select either to either opt in or out before you can proceed with the account set-up. You can choose either one to finish the account setup. If you still are unsure of your decision you can change it later. Be sure that you log in to your account and have selected the choice you want, before the benefits start date.
This is the dashboard display when a decision needs to be made
Opting In
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.
If you opt-in to the ICHRA and also qualify for a government subsidy (also known as a premium tax credit) on your individual insurance policy, you will lose that subsidy. You will not be able to take advantage of both the premium tax credit and this tax credit.
Opting Out
Choosing to opt-out means, you won’t receive any money from your employer for health benefits.
You may be able to keep your government insurance subsidy (also known as a premium tax credit) to help pay for the cost of your premium if you qualify. However, if your ICHRA benefit allowance makes your insurance policy “affordable” per the government's calculations you will not be allowed to keep your subsidy. If your allowance is considered affordable, it may be better for you to opt in to this benefit.
Changing your status
You have until the day before your benefit starts to change your mind and opt-in or out from your PeopleKeep dashboard.
If you've already opted in or opted out of the benefit, you can choose to change your decision by logging into your account. Near the top of your home page, on the right-hand side, will be a button to select to change from Opt In to Opt Out (or vice versa). You can do this at any time before the benefit begins.
Important to know:
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You must sign in to your account and make a selection to opt in or opt out before your benefits start date. Otherwise, the software will automatically opt you out of the benefit.
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Once the benefit begins, you cannot change your opt in/out decision until the next benefit year.