Health Reimbursement Arrangement Rules
A Health Reimbursement Arrangement (HRA) is a common benefit account, but some employers may shy away from offering one since they don’t know the Health Reimbursement Arrangement rules. However, HRAs are easy to understand and BASIC makes them a breeze to add to any benefits package!
- HRAs are employer funded and owned
- HRAs are funded and owned by the employer, not the employee. That means any contributions are made by the employer and if an employee leaves the company they may be required to forfeit their HRA funds.
- Rules and limits are set by the government, but employers have plenty of options to customize the specific HRA they choose to offer.
- There are multiple types of HRAs, each with their own rules. This allows employers to offer exactly the right type of plan that fits their organization’s needs!
- Below are a few examples of popular HRAs.
For a more detailed breakdown of Health Reimbursement Arrangement rules and options, check out the BASIC HRA Comparison Chart.
BASIC HRA Administration
If you’re looking to boost your benefits package to help attract and retain top job candidates, look no further than the BASIC Consumer Driven Accounts (CDA) benefits platform. Traditional benefits including HRA, FSA, and HSA are seamlessly integrated with modern benefits like Wellness Rewards, Education Reimbursement, Pet Care Reimbursement, and dozens more! Not only do we offer benefits that employees want, our CDA platform makes reimbursement easier than ever with a consistent experience on the web or our mobile app. Employers can take their benefits package to the next level by requesting a no-cost proposal from BASIC today!