HRA Administration
As a broker, you play a pivotal role in guiding employers toward innovative and cost-effective healthcare strategies. Offering Health Reimbursement Arrangements (HRAs) is a smart way to deliver significant savings, flexibility, and value to your clients while enhancing their benefits packages.
HRAs are employer-funded accounts that reimburse employees for qualified medical expenses on a tax-free basis. With several customizable options, HRAs can meet the diverse needs of different workforce and business structures:
- Group Health HRAs: Pair with traditional group health plans to offset out-of-pocket expenses for employees.
- Individual Coverage HRAs (ICHRAs): Enable employees to purchase individual health insurance and receive tax-free reimbursements for premiums and other medical expenses.
- Excepted Benefit HRAs (EBHRAs): Provide supplemental coverage for specific healthcare needs, such as dental and vision, without requiring enrollment in a group health plan.
- Qualified Small Employer HRAs (QSEHRAs): Designed for smaller businesses, helping employees cover individual insurance premiums and other eligible costs.
By incorporating HRAs into their benefits strategy, your clients can control healthcare costs, offer employees valuable financial support, and remain competitive in attracting and retaining top talent. These accounts also help businesses navigate complex compliance requirements while providing a highly flexible and scalable solution.
Position yourself as a trusted advisor by introducing HRAs as a versatile and impactful component of your clients’ benefits programs. It’s not just a healthcare solution—it’s a strategic advantage that drives savings, satisfaction, and long-term success.