Health Reimbursement Arrangements

The hot item for employers this year is HRA plans. Employers have seen large increases again, and are moving to high deductible plans and setting up HRA’s for their employees.

These are plans that allow employers to set aside funds to help their employees pay these large deductibles when needed. This keeps the money on the employer side of the table, but allows an employee to submit claims to the employer when they go to deductible.

Over the past few years, Health Reimbursement Arrangements (HRAs) – a key piece of healthcare consumerism – have been gaining in popularity. An HRA is a tax-advantaged benefit plan that is funded and set up by employers to help their employees pay for healthcare expenses. Employers determine contribution amounts, which IRS-approved expenses are eligible for reimbursement, and reimbursement claim requirements. Plan details can vary from employer to employer, but each plan has a Summary Plan Description (SPD). Employees can use the funds for themselves and their dependents.

Please call us if you have any questions or for help working with and navigating the 2018-2019 healthcare marketplace.

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