Health care costs have been on the rise for years. Everything from prescription medication to office visits to insurance premiums seem to be going up, with no end in sight. Costly health care expenses not only impact American families and workers who need access to medical care, but also impact businesses of all sizes who offer health insurance coverage to their employees.
Health reimbursement arrangements (HRAs) are a trending alternative that provide employers more control of their cash flow related to health care coverage, while still offering benefits to their employees that fit their needs.
The history of HRAs
While payment arrangements for health care have been in place since the Civil War, the first versions of today's HRA plans started to appear between the 1960s and 1990s, when employers opted to reimburse employees for medical expenses that weren't covered by their health benefits plan.
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