Health Reimbursement Arrangement
Available from ConnectYourCare
An Health Reimbursement Arrangement (HRA) is a tax-advantaged account funded by the employer to cover an employee's health care costs. The money contributed to this account is not taxed, and the employee can access these funds to pay for any qualified medical expense for him or his dependents.
ConnectYourCare's flexible HRA solutions help employers manage rising health costs and offer maximum control over spending. They offer superior account technology paired with a focus on providing a solution customized to meet your company’s unique needs.
Our Health Reimbursement Arrangement Solutions are easy to understand, simple to use, and loaded with benefits, including:
• General HRA, covers all IRS approved expenses
• HRA for Prescription and Medical Expenses, covers only medical and prescription expenses
• HRA for Medical Expenses, covers only medical expenses
• First Dollar Coverage HRA, funds available on Day 1 of plan year
• Member Pay First HRA, participant must meet an initial deductible (e.g., $500) prior to having access to HRA funds
• Limited Purpose HRA, restricted to dental and vision expenses, typical for HRAs coupled with an HSA
• Retirement HRA, restricted to post-retirement benefits, the HRA remains dormant (or inactive) until the participant becomes eligible
• Suspended HRA, account is dormant until the participant meets a specific criterion or set of criteria