A great way for employers to help employees when they need it most with an employer-owned HRA. The employer assigns a value or account limit to the employees HRA account to help pay for qualified medical expenses, including deductibles and copays.
Advantages for Employers:
Advantages for Employees:
Implementation made easy for all tax advantage HRAs:
The IRS released 2024 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits, and more as part of Revenue Procedure 2023-24. These limits undergo annual adjustments to account for inflation.
A Health Reimbursement Arrangement (HRA) is an employer-funded account designed to repay unreimbursed medical expenses incurred by employees. With HRA, employers no longer need to pre-fund the entire account; instead, they can simply reimburse employees as they submit claims. This innovative approach allows employers to save more as employees spend less on medical expenses.
A Health Reimbursement Arrangement (HRA) is a smart way to motivate and retain current employees, assist retirees, and help reduce healthcare costs. With a FlexHRA, your company determines methods to fill in benefit gaps, using a strategy of tax-free reimbursements. Employers can establish limits to protect the company budget, while typically saving thousands of dollars in insurance premium costs. HRAFlex is flexible and is designed to reimburse medical expenses such as deductibles, coinsurance, copay’s, or other uninsured expenses including dental, vision or even prescriptions drugs on a tax free basis.
HRAFlex offers THREE basic types of HRAs:
HRAFlex is good for your company’s bottom line because it reduces healthcare premium costs by offering tax free reimbursements to your employees while saving thousands of dollars.
In 2002, the IRS issued important guidance surrounding IRC 105, now known as Health Reimbursement Arrangements (HRA). This ruling emphasizes the need for proper plan documentation and the application of specific non-discrimination rules. Here are some key points to consider:
By implementing our HRA program, employers can reap numerous benefits that positively impact both their budget and employees' well-being:
HRAFlex empowers employers to design a benefit plan tailored to their specific requirements while maintaining cost control. By choosing our program, you can: