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A Health Reimbursement Account is a benefit set up by an employer to help employees cover qualifying health expenses. Reimbursements under an HRA are tax-free for both the employee and employer.
A Health Reimbursement Arrangement, also known as a Health Reimbursement Account (HRA), [1] is a type of US employer-funded health benefit plan that reimburses employees for out-of-pocket medical expenses and, in limited cases, to pay for health insurance plan premiums.
HRAs are tax-advantaged arrangements, meaning that the reimbursement is not subject to payroll taxes. Likewise, employees aren't required to pay income taxes on the money they receive from the HRA.
A guide to individual coverage HRAs. Adam Stevenson. ... Employee flexibility: ... The reimbursement is tax-free for both the employer and the employee, making it a financially advantageous ...
Only people enrolled in high-deducible health plans are eligible for HSAs. Another type of account in the consumer driven healthcare model is Health Reimbursement Arrangements (HRAs), which are employer-funded, and in which employers receive the tax benefits. These accounts are available to people that do not qualify for HSAs. [2]
Others include Flexible Spending Accounts (FSAs), Archer Medical Savings Accounts (MSAs), which have been superseded by the new HSAs (although existing MSAs are grandfathered), and Health Reimbursement Accounts (HRAs). These accounts are most commonly used as part of an employee health benefit package. [126]
Health Reimbursement Arrangements (HRAs) Best for: Small businesses looking for a customizable, tax-efficient way to help employees with health care costs without managing a traditional group plan.
Health savings accounts differ in several ways from medical savings accounts. Perhaps the most significant difference is that employers of all sizes can offer a health savings account and insurance plan to employees. Medical savings accounts were limited to the self-employed and employers with 50 or fewer employees.
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