Reimbursement for medical expenses.
Are lower exposure medical plans driving up your clients' premiums? Are your clients worried about offering higher out-of-pocket plans to their employees? Don’t sacrifice benefits for premium. An HRA may be their best solution.
Here are a few reasons why employers might consider this plan:
• Money is available at the beginning of the year, made possible by the employer.
• HRAs allow for flexibility in contribution amount.
• If employers have a Qualified High Deductible Health Plan (QHDHP), they may offer a post-deductible HRA with an HSA account.
• Together with the employer, benefits brokers can start by purchasing the highest deductible HSA plan to provide the best premium savings using IRS maximums.
PrimePay administers a variety of HRA programs:
• Deductible replacement and out-of-pocket exposure.
• Limited-purpose HRA.
• Post-deductible HRA.
• Retiree HRA.
The key features with our HRA administration are:
• Assistance with full compliance, including plan documents, summary plan descriptions, summaries of benefits and coverage, Medicare secondary payer reporting, and Form 5500 support.
• Multiple reimbursement methods for no additional fee: Debit card, provider pay, check or direct deposit.
• Claims data reporting.
• COBRA rate calculation.
• A dedicated client success team.
• HR Advisory: All PrimePay clients have access to our comprehensive HR resource to help maintain compliance, for free!
Bonus: Let us administer your payroll, COBRA, and HRA together for a seamless approach.
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