Benefits of an HRA Plan
A Health Reimbursement Arrangement (HRA) is a tax-advantaged, employer-funded health benefit plan that reimburses employees for out-of-pocket medical expenses that can be customized to strategically address rising healthcare premiums. Unlike other accounts, an HRA is a “promise to pay” and is not pre-funded.
What Expenses Can be Reimbursed Using an HRA
Medical HRA: An account option that can be setup to reimburse out-of-pocket medical expenses, including deductibles, co-insurance, and pharmacy expenses. out-of-pocket medical expenses, including deductibles, co-insurance, and pharmacy expenses.
Limited HRA: An account option for employees enrolled in an HSA that can be used to reduce costs for qualified expenses.
Qualified Small Employer HRA: Allows employers with less than 50 employees, who don’t offer any group health plans, to reimburse employees for qualified health insurance premiums and out-of-pocket medical expenses.
Paylocity is revolutionizing the TPA industry with technology that has simply never existed before—creating a truly convenient and unified employee experience. Navigating the complex world of third-party administrative (TPA) benefit services, such as FSAs, HSAs, TMAs, POPs, HRAs, and COBRA have never been easier.
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