A Health Reimbursement Arrangement (HRA) is an account funded by your employer that helps pay for qualified medical expenses acquired throughout a plan year. Here’s how you can benefit by participating in one.
- You can use HRA account fund dollars to pay for doctor visits, copay, prescription drugs, and hospital services.
- The funds in your account could be available from day one. They could also only be available as the employer deposits them into the HRA or any combination thereof. This will differ from employer to employer, as there are many different plan design options in a group HRA setting.
- Funds that remain in your HRA at the end of the plan year may be carried over to the next year.
- You can add HRA funds to your NueSynergy debit card to pay your providers for necessary healthcare expenses depending on plan design. In other cases, you will be able to file a claim for reimbursement and receive a refund for the expense from the HRA and into your personal bank account.
To learn more about an HRA and all of its utilizations, check here.