iHR Lite

iHR Lite is a benefit administration platform designed to simplify the management of employee benefits and HR needs. According to the vendor, iHR Lite is targeted towards small to medium-sized companies in various professions and industries including Human Resources, Benefits Administration, Insurance Brokers, Carriers, and Employers.

Key Features

Online Enrollment: According to the vendor, iHR Lite offers a web-based system that allows employees to enroll in benefits online. This system is accessible via computer or smartphone and consolidates new hires, family status changes, and other life events into one platform.

Streamlined Benefits Administration: The vendor claims that iHR Lite automates the delivery of enrollment information to carriers through electronic data interchange, eliminating the need for managing multiple forms and manual data entry. This feature streamlines complex benefits, reporting, and compliance, providing out-of-the-box and custom reports for management.

Self-Service Portal for Employees: The vendor states that iHR Lite provides a self-service portal for employees to update, cancel, and approve benefits. This feature allows employees to compare and analyze potential costs before enrolling in benefit plans, increasing the accuracy of data and reducing time spent managing and disseminating information. It also provides a summary view of benefits, including coverage levels and associated costs.

Configurable and Customizable: According to the vendor, iHR Lite offers flexibility to customize the benefits administration system according to company needs. This feature aims to reduce complexity and paperwork associated with benefits administration, providing a lightweight platform for paperless enrollment and centralized employee data management.

EDI & Integration: The vendor claims that iHR Lite handles back and forth communications with carriers, payroll, and third-party systems through electronic data interchange. This feature uses the EDI 834 standard with supporting carriers, aiming to reduce costs and improve data quality by replacing paper enrollment with digital enrollment. It also integrates with existing systems to streamline processes.

Advanced Reporting and Analytics: According to the vendor, iHR Lite provides access to comprehensive data for analysis and reporting, enabling empowered decision-making through data insights. This feature offers enterprise-class data and benefits team support for complex analysis, helping in meeting reporting requirements and compliance.

Affordable Care Act Solutions: The vendor offers ACA Prime solution for ACA tracking and reporting, providing a tracking solution for variable and full-time employee tracking. This feature supports compliance workflow management and integrates with payroll and employee data for easy integration.

ERISA Compliance Solutions: According to the vendor, iHR Lite provides Form 5500 preparation services for accurate and timely filing. It also offers plan documentation and "wrap documents" to minimize risk and control plan interpretation. This feature handles COBRA administration, including notifications, premium billing, and termination notifications. Additionally, it offers benefit compliance consulting and Section 105(h) nondiscrimination testing.

Retirement Plan Guidance: The vendor claims that iHR Lite offers a scorecard evaluation tool to assess the success of retirement plans. This feature aims to help navigate the territory of fees, performance, fiduciary compliance, and employee engagement. It also provides recordkeeping services for small plans with individual brokerage accounts.