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Health Reimbursement Accounts (HRA)

Health Reimbursement Accounts (HRA) in Cleveland, OH

Health Reimbursement Accounts are funded and owned solely by the employer and utilized for the benefit of employees to cover the cost of medical expenses chosen by the employer.

Health Reimbursement Accounts (HRA)

What is a Health Reimbursement Account (HRA)?

Created under Section 105 of the Internal Revenue Code, Health Reimbursement Accounts (HRAs) are employer funded accounts used to reimburse medical expenses to employees. The employer decides how much funding will be available to the employees for the year. Similar to Section 125 Flexible Spending Accounts, HRAs reimburse medical expenses such as copays, deductibles, office visits, prescriptions, vision care expenses and dental care expenses. However, unlike FSAs, the "Use it or Lose it" rule does not apply to HRAs, allowing for the option to have unused funds carry forward. HRA benefits are untaxed at the employee level and tax deductible to the company.

Reimbursements

Most employers take advantage of the convenience of electronic reimbursement made available through the use of the MySource Debit Card as an alternative to traditional methods of filing claims. The MySource Debit card can be used at qualifying merchant locations wherever MasterCard is accepted - from physician and dental offices to pharmacies and vision service locations. The MySource Debit card allows employees to pay for expenses at the point of service, provid­ing them with instant access to their account, without having to complete claim forms. Manual paper claim processing is also available to employees for when Service Provider debit card processing is not available.

HRAs after Health Care Reform

Under the Patient Protection and Affordable Care Act (PPACA), otherwise known as Health Care Reform, group health plans are prohibited from imposing annual dollar limits on "essential health benefits" starting in 2014. By their very nature, HRAs limit the amount of benefits that may be provided to a participant's current account balance. This raised the question of how HRAs could comply with the annual limit restrictions. Fortunately, the interim final regulations on annual limits explicitly exempted HRAs that are integrated with other coverage as part of a group health plan as long as the other coverage would comply on its own. This means that an HRA plan design that is linked to an insurance plan and reimburses only expenses not funded by the insurance plan, such as deductibles, is a PPACA compatible design. As a result, many employers have switched from offering only traditional insurance plans to offering HRAs linked to High Deductible Health Plans, to cover all or a percentage of employee deductibles. The result is more employee coverage and less premiums.

List of Services

  • Preparation and generation of Employee Coverage Report for payroll purposes.
  • Preparation of Administration Guide.
  • Preparation of Service Agreement.
  • Preparation of introduction letter to participant with instructions about the MySource debit card. Opening of individual debit card accounts to all new participants
  • Processing of deletions/terminations of employees.
  • Processing of all family status changes.
  • Processing of all plan changes, when applicable.
  • Processing of HRA manual reimbursement claims.
  • Disbursing of reimbursement claim checks, when applicable.
  • reparation of monthly account balance report for employer, as well as a cash status report.

Related to: Third Party Administrator in Cleveland, OH

Reviews

We look forward to working with TPS Group next year

We look forward to working with TPS Group next year

As another year ends, I want to express my sincere gratitude and appreciation to you and TPS Group for assigning us Krista Blier. Krista provides exceptional customer service and has been a major asset to me and Lynch, Traub, Keefe & Errante, P.C. She is extremely knowledgeable and always accessible. Always on top of the RMD’s, giving me an explanation on form 5500-SF to present to Mr. Keefe & keeping us updated with any account changes as well as specifics. It is a relief knowing I have full faith in Krista and can turn a blind eye to our account. I cannot tell you how many vendors/brokers I have to stay on top of and babysit to make sure our deadlines are met and to perform their job duties. Krista is a pleasure to work with and we look forward to working with her and TPS Group next year.

- Michael Panela

Highly impressed with their level of expertise and outstanding customer service.

Highly impressed with their level of expertise and outstanding customer service.

I highly recommend TPS Group and their quality third-party administration for our 403(b) plan. During our long relationship with TPS Group, we have never failed to be impressed with their level of expertise and outstanding customer service. They keep their promises and it’s easy to work with them. Having our own rep Lauren McNabb is a plus!

- Don Senecal

"Extremely Helpful to Our Business"

"Extremely Helpful to Our Business"

Malinda deserves special recognition. She is prompt, courteous, and professional. We find her to be extremely helpful to our business.

- Angela Simino

"Wonderful To Work With"

"Wonderful To Work With"

My go to professional is Des. A wonderful person to work with. We can count on him to handle all of our needs.

- Andrea Blakeslee

"Answers All Of My Questions In A Clear Manner"

"Answers All Of My Questions In A Clear Manner"

Our case administrator, Susan, has been absolutely wonderful and is a joy to work with. She is very knowledgeable, patient, answers all of my questions in a clear manner, and is professional.

- Kathy Townsend

Extremely Valuable to Myself and Our Company

Extremely Valuable to Myself and Our Company

Kathleen has helped me gather info and understand text so many times and is extremely valuable to myself and our company.

- Elizabeth Robison

Very Responsive And Clear To Requests And Questions

Our service representative, Carol, is outstanding and very responsive and clear to requests and questions. Very professional yet pleasant.

- Jane Surmecewicz

They are a pleasure to work with and we highly recommend their services.

They are a pleasure to work with and we highly recommend their services.

For many years we’ve relied on TPS Group’s extensive knowledge and industry expertise to keep us in compliance with state and federal regulations as well as changes in the law. Their attention to detail is just what we need to keep our business operations running smoothly. They are a pleasure to work with and we highly recommend their services.

- Dan Neal

TPS filled in the gaps within our small HR department

Working with Kim and her talented team helped us fill in the gaps within our small HR department. I strongly recommend TPS for HR tasks that don’t warrant hiring a full-time team. Thanks again Kim!

- Jake F

Knowledge and Expertise

Excellent customer service can be hard to find, but not with TPS Group! I know when I do business with Phil Coco, I can expect a quick response. I rely on his knowledge and expertise, and highly recommend TPS Group for their pension services.

- Mark Catullo

Dependable, experienced, and professional

Dependable, experienced, and professional

Dependable, experienced, and professional, our TPS Group recruiter was an invaluable resource, helping us locate and vet quality talent.

- Tyler R. Vunk

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