Benefits of investing in an HRA

Benefits of investing in an HRA

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.

Benefits of investing in an HRA

Spouse Saver HRA: What it is and how it works  

A Spouse Saver Health Reimbursement Arrangement (HRA) helps cover up to 100 percent of out-of-pocket expenses like copays, coinsurance, and deductibles during doctor and hospital visits incurred by an employee’s spouse. 

This cost-saving resource is possible once an employee enrolls in their employer’s group health insurance plan. Instead of adding their spouse to the plan, the spouse can take advantage of their employer’s group health insurance plan. Once enrolled in the plan, the spouse provides proof of coverage to the employee. Once verified, the employee’s company sets up an HRA for the spouse to use for their in-network, out-of-pocket expenses. To learn more about a Spouse Saver HRA and review other useful information, check here.

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NueSynergy's Director of Central and Southeast Sales will be in Austin May 23-25

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