Health Reimbursement Arrangement (HRA) Administration

TAX-ADVANTAGES BENEFIT THAT ALLOWS BOTH EMPLOYEES AND EMPLOYERS TO SAVE ON THE COST OF HEALTHCARE  

Overview
Health Reimbursement Arrangements (HRAs) are tax-favored accounts that employers can establish for their employees to pay for certain medical expenses for the employee, their spouse and/or dependents.

We offer the administration of the following HRA options:

What do you need to know to qualify for an HRA?

  • Any employee is eligible (subject to employer-designed exclusions)
  • Can be designed in conjunction with a high deductible health plan (HDHP) to help employees pay their deductible
  • Employers can deduct their HRA contribution
  • Only employers can make contributions
  • Owned by the employer
  • The annual maximum contribution amount is set by the employer
  • Unspent balances can be carried over to the next year if it is designed in the plan
  • IRS non-discrimination rules apply
  • Must have a written Plan Document
  • Participants are required to receive a Summary Plan Description
  • In some cases, Form 5500 is required
  • Summary of Benefits Coverage Statement (SBC) is required

 

Resources

View All Health Reimbursement Arrangements Resources