Health-reimbursement arrangements (HRA) are company-owned accounts that can be used by employees for outstanding medical costs that are not covered by health insurance. HRAs are used in conjunction with either a high deductible health plan or a standard health plan. Employer contributions to the HRA are completely tax deductible and tax free to the employee. The employer determines the acceptable uses for the funds in the HRA but they often include deductibles, co-payments, vision expenses, prescription costs, and dental bills. The funds in an HRA may carry over from year to year but not necessarily, depending on how the employer sets the plan up.
HRAs have numerous benefits for both employers and employees. There are a variety of plans available and the arrangement is extremely flexible and able to meet the unique needs of a wide range of businesses and organizations. The benefits professionals at Savage & Associates can work with you to determine what type of plan would work best for you or your business.
Call 419-475-8665 or fill out our on-line request form for more information or to schedule an exploratory appointment with our experienced professionals at Savage & Associates.