are hras right for you?
DESCRIPTION
In less time than it takes to finish a cup of coffee, find out if health reimbursement accounts (HRAs) could work for your business. WEA Trust covers the definition, advantages, disadvantages and can't-miss facts about this popular health benefit option.TRANSCRIPT
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05/14/2014Michael Schwitzer – Account Executive
Mel Grau – Marketing Coordinator
Are HRAs right for you?
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Sound Check
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What is an HRA?
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An HRA Defined
• Health Reimbursement Account• Helps offset costs of High Deductible
Health Plans• Employers specify which medical
expenses and HRA pays for
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Why would someone want an
HRA?
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HRA Advantages
Flexibility High Employer Control High
Non-PortableUnused Funds
Retained by Employer
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HRA Disadvantages
Employees cannot contribute to the
Account
Typically less consumerism than
an HSA
More legal compliance [ERISA,
COBRA, etc]
HRA vendor is required.
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How does funding work with an HRA?
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HRA Funding
• 100% Employer Funded• Money belongs to the Employer
– Non-portable– No Employee Cash Out
• Carry-over of funds determined by Employer
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What else should people remember
about HRAs?
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Other facts about HRAs• The Employer chooses when the HRA pays
for medical services• Timing of annual contributions also
determined by Employer• Medical expenses that are reimbursed can
be limited• HRAs are administered by a TPA, which
carries additional costs (typically pm/pm)
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Questions?