Group Medical Benefits

Health Reimbursement Accounts

Health Reimbursement Accounts (HRA) may work in conjunction with any insurance plan. It can be designed to cover specific health expenses, or insurance plan cost-sharing, such as co-pays, coinsurance or a portion of the deductible on a High Deductible Health Plan. HRAs are funded and owned solely by the employer and are utilized for the benefit of employees to cover the cost of medical expenses chosen by you.

Health Reimbursement Accounts (HRA) may work in conjunction with any insurance plan. It can be designed to cover specific health expenses, or insurance plan cost-sharing, such as co-pays, coinsurance or a portion of the deductible on a High Deductible Health Plan. HRAs are funded and owned solely by the employer and are utilized for the benefit of employees to cover the cost of medical expenses chosen by you. An employer’s exposure to Federal and State taxes, including Social Security and Medicare taxes can be reduced by an HRA, and your contributions may qualify as a fully deductible business expense. HRAs may allow employees to rollover unused funds through consecutive benefit years, or may be designed to allow unused funds to be rolled back to the employer. BenefitsPlus has partnered with Datapath to provide direct access to HRA funds through the use of the MySource Debit card system, making the claims process easy for your employees.

For more information about Health Reimbursement Accounts in CT, Contact TPS Group Today below.

Related to: HR Consultant, HR Consulting Firm, Group Medical Consultants, Employee Group Benefits, Group Life & Health Insurance