TAX-ADVANTAGES BENEFIT THAT ALLOWS BOTH EMPLOYEES AND EMPLOYERS TO SAVE ON THE COST OF HEALTHCARE
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:
- Integrated HRA with FSAs
- Retiree-only HRAs
- Limited Purpose HRAs
- Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
- Individual Coverage Health Reimbursement Arrangements (ICHRAs)
- Excepted Benefit Health Reimbursement Arrangements (EBHRAs)
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
Let us exceed your expectations. Contact Naomi Struck at (888) 388-1040 to learn more.
