The benefitbay® ICHRA quoting system is built to allow you to compare and model a variety of potential solutions for your employer groups. A typical scenario is a combination of both hourly and salary employees.
The .csv census import template will provide several columns of data that you can use to inform the benefitbay® system of how employees are paid. ICHRA minimum calculations are based on the employee's annual salary, so in order to be compliant, it is imperative that the information provided regarding annual household income be as accurate and current as possible.
Here are a few tips on importing income accurately and how to complete the census template:
Salary Employees
Include Hours Worked (Avg Hours per Week)
Included Annual Income (Avg Hours per Week)Include Pay Type listed as Salary (Pay Type)
Include any additional income such as bonuses or commissions (Other Income)
Hourly Employees
Include Hours Worked (Avg Hours per Week)
Include Hourly Rate (Hourly rate)
Include Pay Type listed as Hourly (Pay Type)
Include any additional income such as bonuses or commissions (Other Income)
The system will calculate annual income for the purpose of ICHRA minimum funding based on the hourly and salary inputs:
Salary Employees
Hours worked will be used to determine if this individual meets the full-time or part-time application
Annual Wages + Other Income will be used to define the income for that employee
Pay Type will be used for potential classification of Salary and Hourly carve-outs
Hourly Employees
(Hours worked x Hourly Rate x 4 weeks x 12 months) + Other Income = Hourly annual wages
If Annual Wages, Hourly Rate, and Avg. Hours Worked are all provided the system will calculate based on the above formula and use the lesser of the two numbers
Pay Type will be used for potential classification of Salary and Hourly carve-outs
If you have any questions or issues you can always reach our support team by
clicking the chat bubble located at the lower right corner of the benefitbay® screen.
