Health Reimbursement Arrangements (HRAs) for Employee Benefits
Enrich Your Employee Benefits with a Health Reimbursement Arrangement
Robust employee benefits are crucial to attracting and retaining top-tier talent. A Health Reimbursement Arrangement (HRA) for employee benefits can help manage healthcare costs and foster a healthier workforce.
Reimbursements Tailored To Employee Needs
InComm Benefits makes it easy for employers to offer an HRA that meets the needs of their employees. Different HRA options include:
One Card For HRA Plan Expenses
Based on InComm Benefits history of payments innovation, our HRA solution uses smart technology to help employees determine eligible expenses for reimbursement.
Rollover, Grace Periods and Runout
Our HRAs can be designed with employee flexibility in mind, giving them options for unlimited or varying rollover, different runout periods, and grace periods for employees to submit claims.
Immediate or Limit Payments
Employers can offer their employees an HRA that pays out funds when they need them, including immediately when an expense occurs or later after the employee covers an initial cost.
How Do HRAs Work?
A Health Reimbursement Arrangement (HRA) is an employer-funded plan designed to reimburse employees for qualified medical and healthcare expenses. HRAs offer a flexible method for employees to handle healthcare costs, enabling the use of funds for various healthcare-related expenses such as deductibles, co-payments and other out-of-pocket purchases. Employers can claim a tax deduction on HRA contributions, while the reimbursement funds that employees receive are typically tax-free.
A key benefit of HRAs is that they do not have contribution limits, which allows employers to adjust HRA contributions according to budgetary and employee needs. Additionally, unlike Flexible Spending Accounts (FSAs), unused funds can typically be rolled over from year to year. This provides employees with financial support for future medical expenses.
What Are The Different Types of HRAs?
InComm Benefits supports a wide range of HRA plans, including:
Traditional HRAs
Traditional HRAs provide employees with flexibility on eligible expenses they can reimburse, including:
- Coinsurance and copays
- Deductibles
- Over-the-counter medicine
- Dental care
- Vision care
Limited-Purpose HRAs
Limited-Purpose HRAs are designed to help employees receive reimbursements for eligible expenses related to:
- Dental care
- Vision care