Health Reimbursement Accounts
As an employer, you know that one factor potential employees consider upon joining your company is the strength of your company's benefits package. One benefit offering that can differentiate your from competitors is a Health Reimbursement Arrangement, or HRA.
An HRA is an account funded by an employer that reimburses employees for qualified medical expenses. In conjunction with either a high deductible health plan (HDHP) or other plan design, and HRA, encourages employees to spend wisely while decreasing premium costs.
Setting up a HRA for employees gives the employer control. You determine how much money employees have access to and establish the parameters for how the money may be used.