Health Reimbursement Accounts (HRAs) are a flexible health care financing tool that can be used by employers to assist their employees with paying for out-of-pocket medical expenses. HRAs come in many different shapes and sizes, allowing the plan design to be tailored specifically towards employees’ business needs. HRAs can be a great way to save on health care costs. They’re often offered with high-deductible, low premium insurance plans and sometimes even in conjunction with major medical coverage.
Help your employees get the most out of their benefits by utilizing the right HRA that meets their needs. We know how difficult choosing the right healthcare plan can be. Each HRA plan has different regulations, particularly in regards to funding and eligible expenses. That’s why we created our HRA comparison guide to introduce a few different HRAs!
|General HRA||Limited HRA||Limited Post Deductible HRA||Post-Deductible HRA||Restricted HRA (ie RX only)||Deductible, Coinsurance, Copay HRA||Simple Deductible on the Card||Embedded Deductible HRA||Excepted Benefit HRA (EBHRA)|
|Does company size matter?||No||No||No||No||No||No||No||No||No|
|What eligible expenses are covered?||All medical 213d expenses, including OTC.||Dental and Vision||Dental and Vision (until the out-of-pocket deductible threshold is met).||Nothing is reimbursed until the out-of-pocket deductible threshold is met.||Prescriptions||Deductibles (including or excluding prescriptions) coinsurance and copay expenses||Deductibles (including or excluding prescriptions)||Deductibles (including or excluding prescriptions)||All medical 213d expenses, including OTC.|
|What happens to rollover funds?||Funds can be rolled over year to year.||Funds can be rolled over year to year.||Funds are forfeited.||Funds are forfeited.||Funds can be rolled over year to year.||Funds are forfeited.||Funds are forfeited.||Funds are forfeited.||Funds can be rolled over year to year.|
|Must the HRA be integrated with a group health plan?||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Available for employees covered by employer’s group health insurance policy.|
|Are there annual or monthly contribution limits for the HRA?||No Limits||No Limits||Annual Contribution Limits||Annual Contribution Limits||No Limits||No Limits||No Limits||No Limits||Yes, $1,800 annually.|
|Is there an out of pocket threshold to meet before the HRA reimburses?||No||No||Yes, the out-of-pocket threshold for deductible expenses must be in line with yearly contribution limits.||Yes, the out-of-pocket threshold for deductible expenses must be in line with yearly contribution limits.||Maybe, for example, if the employer wants a percentage of each eligible RX expense to be reimbursed.||Maybe, if the employer wants an out-of-pocket threshold to be met before the HRA reimburses.||Yes, the out-of-pocket threshold for deductible expenses must be in line with yearly contribution limits.||Yes, based on individuals within the family meeting the single deductible amount or the family meeting the aggregate deductible amount.||Maybe, if the employer wants an out-of-pocket threshold to be met before the HRA reimburses.|
|Can Beniversal Cards be offered for the HRA?||Yes||Yes||Yes||Yes||Yes||Yes||Yes||No||Yes|
The Beniversal HRA leverages the proprietary technology of the Beniversal® Prepaid Mastercard® for health care payments, along with streamlined online and mobile administration options, to provide a comprehensive, service-oriented administration solution.
Contact BRI to learn more about setting up the right HRA for you!