A health reimbursement arrangement (HRA) is an effective way for a small employer to partially self-insure their medical plan. The idea is to buy a medical plan from the insurance company with a much higher deductible and out of pocket to lower fixed cost (premium paid to the insurance companies). With the premium saved the employer can then reimburse their employees for a portion of their eligible medical expenses through an HRA.
eBen’s partners assist clients in designing their plan based on their risk tolerance and competitive benefit options for their employees. The HRA can be administered through a third-party (or integrated with a health insurer in some situations) to ensure privacy and compliance. When an employee has an eligible expense, the third-party administrator (TPA) will process the claim and reimburse that employee or their provider for the expense.
How Does A Health Reimbursement Arrangement Work?
Unlike a traditional group health insurance policy that limits plan design options and does not provide risk alternatives, a health reimbursement arrangement gives employers more flexibility. Employers may design the plan to pay for a share of deductibles or coinsurance for certain or all covered medical procedures and treatments. Employers may also integrate the HRA benefits directly with the underlying major medical plan offered to employees. As part of our solution, our exclusive stop-loss protection for clients who adopt HRA Accounts limits what the employer would have to pay for unexpected high claim levels.
Health Reimbursement Arrangement Solutions
eBen’s partners provide strategic support with formulating the right health reimbursement arrangement plan for your company. The primary services include:
Setting up a HRA is one of our specialities. Our consultants understand the market and can advise you on the appropriate steps to take when choosing the right carrier and plans to meet your objectives. Among other services, we can perform a market assessment, and implement cost control strategies, while still placing an emphasis on the quality of your health reimbursement arrangement.
Our partners advise on administrative solutions, offering in-house HRA administration through a partnership that makes it quick and easy for your employees to enroll and use their health reimbursement arrangement.
Contact Us Today To Learn More and Get Started
Drawing from our 20+ years of industry experience and our vetted relationships with industry leaders, we are able to create a HRA that is unmatched. Our partner’s commitment to excellence and knowledge of your company through discovery enables us to offer the personalized service we stand behind, ensuring your HRA goals are fulfilled.
Get in touch with us today by phone or message to learn more about the benefits of a HRA and to start your policy.