HRA
Welcome to our informative session on Health Reimbursement Arrangements, commonly known as HRAs. Today, we’ll explore what HRAs are, their benefits, and how they function to enhance your healthcare experience. First off, what exactly is an HRA? It’s an employer funded plan that reimburses employees for out of pocket medical expenses and, in some cases, insurance premiums.
HRAs: How Health Reimbursement Arrangements Work for You
Enhance Your Healthcare Experience
Health Reimbursement Arrangements (HRAs) provide an employer-funded way to manage your healthcare costs. This video explains how HRAs work, their benefits, and tips for maximizing this valuable resource.
What is an HRA?
- Employer-Funded: HRAs are funded entirely by your employer to help offset out-of-pocket medical expenses and, in some cases, insurance premiums.
- Tax-Free Reimbursements: Funds reimbursed for qualified medical expenses are not taxed, providing additional savings.
How HRAs Work
- Your employer sets aside a specific amount in your HRA annually.
- Common payment methods include:
- Paying upfront and submitting a claim for reimbursement.
- Using an HRA-specific debit card for immediate payments.
- Covered expenses often include deductibles, copays, prescriptions, and sometimes dental or vision care. Check your specific plan for details.
Frequently Asked Questions
How ca I locate my specific HRA plan details?
You can locate plan documents specific to your HRA plan in your documents drive on your benefit hub. Search and download as needed.
What happens if I leave my job?
HRAs are not portable, so funds remain with your employer if you leave.
Can I carry over unused funds?
Some plans allow limited carryover of unused funds. Check your plan details for specifics.
How do I track my HRA balance?
Most HRA providers offer online portals or apps for tracking balances and submitting claims. You can also call the number located on the back of any HRA debit card you may have on hand.
Maximize Your HRA
HRAs are a powerful tool to manage healthcare costs while enjoying tax-free reimbursements. Watch the video above to learn how to take full advantage of this employer-funded benefit.