A Health Reimbursement Arrangement (HRA) is an account an employer can set up to reimburse employees for out-of-pocket healthcare expenses.
The funds in the account are not subject to taxes and can be used to cover a wide range of healthcare costs, including premiums, co-pays, and dental and vision expenses.
Compared to traditional group health insurance plans, HRAs are more flexible, affordable, and easier to administer. Plus, you can easily tailor plans to fit the specific needs of your employees.
Why employers love Health Expense Accounts
Available for all employers
Group health insurance can be complex, restrictive and unpredictable financially. With a health expense account, simply set a monthly benefit allowance and employees can use their benefits on any qualified medical expense they choose.
Many states offer more affordable insurance plans on the individual market than on the small group market. A health expense account allows employers to fund all or part of their employees' health insurance costs with pre-tax dollars, freeing up budget without sacrificing benefits.
With a health expense account, employees choose how to use their benefits, rather than being stuck in a one-size-fits-all group plan. This flexibility allows employees to tailor their coverage to fit their personal health, budget, and family situation.
What do Health Expense Accounts make possible?
More choice for your employees
Lower administrative burden to your HR department
Flexible structure allows for added benefits
Potential cost savings
Get the guide to your Health Expense Account
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