What is an HRA?
- “HRA” stands for “Health Reimbursement Arrangement.” An HRA is an employer-sponsored account designed to reimburse some or all of your eligible out-of-pocket medical expenses, such as deductibles, co-insurance, and Rx expenses. It is a reimbursement program funded entirely by your employer that wraps on top of your medical plan to make your plan more affordable.
Does my HRA come with a Debit Card?
- It depends. HRA’s are highly customized and each plan is unique. Your employer and IRS Regulations determine which expenses are eligible for reimbursement under your HRA. Check with your employer or log into your VantagePoint account for your specific plan
What is the difference between an Integrated HRA and a QSEHRA?
- An Integrated HRA is the more common type of HRA. This type of HRA is linked to an Affordable Care Act (ACA)-compliant employer-sponsored group health insurance plan. The Integrated HRA is offered only to company employees who elect group health insurance as a supplement to help with their eligible out of pocket healthcare costs
- A QSEHRA is not linked to a group health insurance plan. With this type of HRA, the company provides employees a fixed monthly allowance for eligible medical expenses. Employees purchase and pay for their own individual health insurance premiums.
What is an ACA-compliant, employer-sponsored group health plan?
- It just means an individual or small-group policy that adheres to the ACA’s regulations. ACA-compliant policies must include coverage for ten essential health benefits with no annual or lifetime coverage maximums
Do I need to do anything differently to submit a claim for my dependents?
- Social Security Number and Date of Birth for all dependents for whom a health expense is submitted must be provided for an Integrated Health Reimbursement Arrangement (HRA) plan. The dependent must be covered by the Affordable Care Act (ACA)-compliant, employer-sponsored group health plan on the date of service for the claim to be eligible.
