How Much Should I be Saving?
What happens to my HRA funds if they are not used and do not roll-over?
You have until the end of the run-out period to submit claims for the reimbursement of eligible expenses incurred during the previous plan year. Funds that remain unused after the run-out period would return back to your employer.
What is a Health Reimbursement Arrangement (HRA)?
An HRA is a reimbursement account set up and funded by your employer to cover eligible healthcare expenses as defined in the HRA Summary Plan Document. Unlike a healthcare FSA where the IRS defines the eligible services, your employer defines the services eligible for reimbursement from an HRA. Typically, an employer will reimburse deductible, coinsurance and copay expenses from your HRA but not services such as medical, dental or over the counter drugs. An HRA can also cover all or a portion of your prescription drug expenses. Check your employer’s HRA Summary Plan Document to see what types of services are covered under the HRA being offered by your employer.
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Increase your book of business by partnering with NueSynergy
When it comes to administering services such as COBRA, FSAs, HRAs and HSAs, all third party administrators are the same, right? Wrong! Over the last two decades, NueSynergy has separated itself from the competition by offering personalized, knowledgeable service and innovative technology-based solutions that have helped raise the bar in benefit value and overall experience. We call it the NueSynergy Difference.
If you have any clients that are looking to enhance their benefits at a zero-cost increase, let’s schedule a 10-minute call to discuss how we can work together to accomplish this task.
Contact us at 855.890.7239 or sales@nuesynergy.com to schedule your consultation today.