For organizations looking to provide a higher level of company-paid health care benefits (e.g. dental, vision, dependent coverage, etc.), there is a real need to control costs. A Health Reimbursement Arrangement (HRA) is a great way to satisfy employee needs while meeting employer goals.
Paired with the right health plan, an HRA can cover more of the most common expenses people face. Because contributions are made exclusively by the employer, funds deposited into the account are not considered part of your income and therefore are not subject to income, FICA or worker’s compensation tax.
Unlike FSAs, HRAs typically have no “use-it-or-lose it” policy. The employer can specify at the beginning of the year whether funds remaining in a participant’s HRA are either forfeited to the employer at the end of the Contract Year or whether funds can roll over and remain in the account from year to year.
Juggling the intricacies of benefits management and reimbursement is a challenge for employers, consultants, and individuals alike. That’s why the first thing ConnectYourCare does is to streamline processes—automating wherever possible, along with the ability to speak to real humans when personal help is required.
Our HRAs include features that save everyone time and maximize the value of the account for employees:
For ease-of-use and automated record keeping, nothing compares to the convenience of a payment card.
Offering fast, convenient, and secure management for HRA expenses (reimbursement and record keeping) from any web browser or mobile device. ConnectYourCare processes reimbursement within a few days—with no minimum transaction amounts.
Helping people understand how to use the benefits program and leverage the speed of self-service reimbursements helps everyone in the process stay efficient and happy. We offer apps and online tools that do everything from clarifying benefits and procedures, to simplifying medical expense recordkeeping for the IRS.
Providing help when it’s needed most, our 24/7, U.S.-based customer service operation has earned “100% satisfaction” rates from employers and participants alike.
– Carrie, HRA participant and The Doe Run employee