An account funded by an employer on behalf of employees.
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A Health Reimbursement Arrangement (HRA) can fund the gap between employees’ out-of-pocket health care expenses and their insurance coverage. It reimburses qualified medical expenses determined by the employer, such as: copayments, deductibles, vision care expenses, prescriptions and/or dental expenses.
Different Types of HRA’s Offered by HRPro
HRA’s are not all built alike. There has been a huge influx of changes to HRA’s lately. HRA’s are a very flexible way for employers to help fund the gap between employee’s out-of-pocket costs and their healthcare coverage. They are also very versatile and can be designed to meet employer’s budgets, health benefits and hiring/retention needs. HRPro offers a variety of HRA’s and can help tailor a plan just for you.
With a Traditional HRA, employers have a group medical plan in place and the HRA is offered to all employees who sign up for that plan. Used to lower high out-of-pocket costs for employees, it may reimburse expenses such as: co-pays, deductibles, co-insurance or prescription costs.
This type of HRA is not linked to an employer’s medical plan. The employer may offer a group health plan, but offer a supplemental HRA to help employees pay expenses relating to non-medical expenses such as vision and dental. This HRA is limited in the types of expenses allowed.
This type of HRA is designed to reimburse employees only after they retire. As a retiree’s needs are different, this type of HRA also may reimburse personal health insurance premiums and out-of-pocket medical expenses.
Qualified Small Employer HRA (QSEHRA)
Created in 2016, this type of HRA was created to help small employers reimburse their employees tax-free for medical care, including individual health insurance as they may not offer group coverage. Must have less than 50 employees.
Individual Coverage HRA (ICHRA)
This type of HRA is available to employers of all sizes, but an individual cannot be enrolled in a group health plan. The primary intent of an ICHRA is to allow reimbursement of individual health insurance premiums, although other out-of-pocket medical expenses may be allowed. The employer sets the reimbursement limits on this type of account. Examples of expenses allowed under this plan are: individual major medical insurance premiums, individual premiums for dental and vision coverage and out-of pocket medical expenses (as defined in IRS code section 213(d)).
Excepted Benefit HRA (EBHRA)
An EBHRA was created as a way for employers to offer tax-free reimbursements without regard to whether or not employees have qualified insurance coverage. Unlike a traditional HRA, this HRA offers reimbursement opportunities to employees that do not participate in the group health plan. Excepted benefits are simply insurance plans that are not primary health plans. This plan may reimburse medical care expenses, COBRA coverage or premiums under an excepted plan such as dental, vision or short-term limited duration insurance.
An HRA is not a one size fits all solution.We can help you build the ideal HRA for your business.
A simpler solution for account management. Consolidate all your reimbursement account information into O.N.E.source across multiple platforms.Learn more
Manage Benefits on the Go
Want to check your healthcare balances form anywhere? Imagine the ease and convenience of having account access wherever you go!Learn more