BASIC Health Reimbursement Accounts
A Health Reimbursement Account (HRA) is a versatile tool for cost control and for developing a more consumer driven health care benefit plan. BASIC is an expert in HRA plan designs, administrative flexibility and high quality administration.
Download our BASIC HRA brochure (pdf) for details.
Save money with an HRA
- With the help of your broker or agent, you select a higher deductible health plan and save 15% to 35%.
- From the savings, employers establish HRAs for each covered employee which provides dollars for medical expenses.
- Employees spending money from an HRA tend to consider their health care purchases more carefully. This rewards both the employer in reduced HRA reimbursement and the employee in less out-of-pocket costs.
Choose BASIC for your HRA Administration
At BASIC, we:
- are one of the first in the industry, providing Health Reimbursement Arrangement (HRA) administration since 2001.
- can help you design a plan that works for your company’s specific situation and culture.
- have flexibility in plan designs that include front end deductibles and carry-overs. We also have the ability to administer HRAs that include a roll-over, dental, Rx only, vision and all Section 213(d) expenses.
- allow you to decide if any dollars left at the end of the year can be carried over to the next year (this can provide an incentive for the employee not to spend it all).
- offer full integration with employer Flexible Spending Accounts. Plan design can determine which account pays first and participants only need to submit one claim. Having an HRA and FSA with one administrator saves employers money by eliminating employees being reimbursed twice for the same claim.
- allow you to pre fund the employee’s account or prorate deposits into the employee’s account.
- offer continuity of administration if your group changes medical carriers from year to year.
- process claims daily, five days a week.
- offer check and direct deposit reimbursements.
- assign a personal account representative to you for individualized service.
- allow access to plan activity online.
For more information on BASIC FSA contact us today!