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A Health Reimbursement Account is an employer funded account that can save companies thousands of dollars, while helping employees with out-of-pocket expenses. Here are some of the factors employers need to consider when setting up an HRA:

Type of HRA - It can be designed to reimburse specific services. For example: deductibles, copays, pharmacy, or any other type of IRS-eligible expense
Benefit amount – Employers decide the amount of money to be contributed to the HRA
Reimbursement method - Certain plan designs are perfect for making funds available through a benefits card; others can be setup up to offer reimbursement by direct deposit
How will the benefit be paid - First or last dollars of expenses, shared percentage, or other arrangement
Carry over or forfeit – The benefit amount can be offered on a plan year basis, or unused funds can be allowed to carry over into the new plan year

The Employers Association can support any custom plan design, let us know how we can help.

Catapult also offers QSEHRAs or Qualified Small Employers Health Reimbursement Arrangement. This plan is available to employers who have less than 50 full-time equivalent (FTE) employees and do not offer a group health plan. A QSEHRA can be established to reimburse employees for their individual health insurance premiums, and/or eligible unreimbursed medical expenses. Similar to a regular HRA, a QSEHRA is funded 100% by the employer, however, employers are not required to offer COBRA coverage or ERISA. The Employers Association can help you with the 5500 filing of your welfare benefit plans. For more information email us at millie.aponte@letscatapult.org.