Health Retirement Account
Your employer puts money into your HRA and you choose how your healthcare dollars are spent.
At the beginning of each plan year, your employer will notify you of the amount they will contribute to your HRA for that plan year.
Yes. All eligible employees must enroll each year during the open enrollment period. Your employer will instruct you on how to complete enrollment.
Yes, as long as your dependent meets the definition of a dependent as defined by the IRS and is included in your employer’s plan.
Routine health care: office visits, X-rays, and lab work.
Hospital expenses: room and board, and surgery.
Medications: prescription and over-the-counter (OTC) drugs when prescribed by a physician
Dental care: cleanings, fillings, crowns
Vision care: eye exams, glasses, contacts
Copays and coinsurance (the portions of health care bills paid by you)
Eligible over-the-counter (OTC) items2 such as: First Aid Dressings and Supplies –bandages, rubbing alcohol
Contact Lens Solutions/Supplies
Diagnostic Products like thermometers, blood pressure monitors, cholesterol testing
Insulin and Diabetic Testing Supplies
Contact your Plan Administrator for more information or visit www.irs.gov for more details.
For thousands of employers, offering health benefits to their employees has been out of their company budget due to the high cost of insurance plans. That all changed in January 2020, when the Individual Coverage Health Reimbursement Arrangement (ICHRA) became available to businesses and organizations of all sizes.
How does an ICHRA work?
As the name implies, ICHRA is based on reimbursing employees for insurance rather than buying it for them. At a high-level, the way ICHRA works is very simple:
- Employers design their plan, including defining which employees are eligible and establishing reimbursement limits
- Employees purchase the individual plans they want
- Employees submit claims for reimbursement
- Employers reimburse employees for valid claims
Our Benefits Division, B3PA manages all benefits administration plans. Please feel free to visit B3PA’s website for additional insurance information and benefit solutions for employers and brokers.