X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
HRA card The recent additions of Small Employer, Individual and Excepted Benefit HRAs means more opportunity to maximize value and reduce health care costs through flexible spending on an “as needed” basis. (Photo: Shutterstock)

Health reimbursement arrangements (HRA) are among the most overlooked employee health benefit products available. But, they can be crucial for companies that are switching to a lower premium plan by providing tax-advantaged financial assistance to cover employees’ eligible out-of-pocket health care expenses.

So, what is an HRA? The concept itself is pretty straightforward: they are tax-advantaged accounts funded with employer dollars to pay employee expenses not covered by their health plan. Employers outline what expenses will be covered in an HRA summary plan document as outlined by the Internal Revenue Service Publication 969. As an example, an HRA could pay all eligible medical expenses, including premiums for health and long-term care insurance, or it could be limited to cover only dental or vision expenses. Most organizations contribute annually or monthly.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO Broker Expo 2022Event

The premier educational and networking event for employee benefits brokers and agents.

Get More Information
 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.