Health Reimbursement Arrangements (HRAs) and Voluntary Employees’ Beneficiary Associations (VEBAs) are two types of employee benefits that can offer significant advantages to employers. Let’s get to know more about HRA VEBAs.
What is an HRA VEBA?
An HRA VEBA, or a Health Reimbursement Arrangement Voluntary Employees Beneficial Association, is a type of employee benefits plan that allows employers to reimburse employees for qualifying medical expenses. This includes everything from doctor visits and prescription drugs to dental and vision care. In order to qualify for reimbursement, employees must submit proof of expenses to their employer.
Benefits of an HRA VEBA
There are many reasons why an HRA VEBA can be beneficial for employers. First and foremost, it helps recruit and retain top talent. When potential employees are considering job offers, they often weigh the benefits package as one of the deciding factors. An HRA VEBA can help give your company the edge it needs to attract the best and the brightest.
Another reason to consider an HRA VEBA is that it helps improve worker productivity. When employees have access to quality health care, they are more likely to stay healthy and take fewer sick days. This means they can stay focused on their work and be productive members of your team.
Finally, an HRA VEBA can help you save money on your health insurance premiums. By reimbursing employees for qualifying medical expenses, you can lower your company’s overall health care costs. This can lead to significant savings for your business, which can be reallocated to other areas or passed on to employees in the form of higher wages.
Win – Win for All
Employers who are looking for ways to attract and retain top talent would do well to consider offering HRA VEBAs as part of their employee benefits package. As you can see, there are many benefits of an HRA VEBA for employers. If you’re looking for a way to save money on your taxes, attract and retain top talent, and improve employee health and wellbeing, an HRA VEA may be right for you.
If you’re interested in learning in more about HRAs, click here!