Health Reimbursement Arrangements

As a way to help employers manage increasing healthcare costs, employers have turned to Health Reimbursement Arrangements (HRAs), which allow them to set aside specific dollar amounts annually for employees to use to pay for healthcare expenses. Often coupled with a high deductible healthcare plan, an HRA allows an employer to instill consumer conscious behavior within their population while also achieving their goals of lowering health insurance costs or maintaining costs at current levels. Accelerated Benefits flexible solutions in this area provide employers a way to offer a wide variety of eligible benefits and reimbursement structures. 

AccBen’s HRA solution is an administrative service designed to assist clients with the necessary compliance and administration requirements of a HRA Plan that will meet multiple objectives. As a client offering an HRA, several decision points need to be considered such as funds allocated to each employee, the time frame in which contributions are accumulated, carry over options, and coordination of benefits with the Section 125 Plan, if offered.  AccBen offers multiple plan designs to accommodate client specific arrangements:

  • First Dollar Plans, or a plan that complements a higher-deductible insurance plan, paying only for deductible items covered by insurance.  A First Dollar Plan provides a bridge between out-of-pocket expenses and insurance coverage.
  • Comprehensive Plans that pay for all medical expenses not covered by insurance.  Examples of these expenses include, but are not limited to: deductibles, co-pays, premiums, chiropractic services, dental, and vision care expenses.
  • Restricted Plans that cover a specific group of expenses such as prescription drug or dental expenses.

 

By offering AccBen’s HRA solutions, clients are able to realize a number of benefits, including:

  • Flexible and customized plan designs with unique funding and reimbursement arrangements
  • Fronting of money beyond accrued contributions
  • Daily reimbursements processing
  • Electronic fund transfers
  • Web access including
    • Account balance review
    • Reimbursement information
    • Plan contributions and reimbursements totals
    • Plan design including plan maximums
  • Employee assistance
  • Enrollment support
  • Compliance services
  • Increased employee choice and greater awareness of medical expenditure
  • Carry-over of unused funds from one plan year to the next
  • Flexible and unique plan funding and reimbursement arrangements

 

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