05.01.2017 22:09:00

Clarity Benefit Solutions Shares Seven Things to Know About HRAs

NEW YORK, Jan. 5, 2017 /PRNewswire-iReach/ -- Clarity Benefit Solutions simplifies online employee benefits for brokers, employers, and consumers. The company's technology and services are designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

An important employee benefit provided by Clarity Benefit Solutions is a Health Reimbursement Arrangement (HRA). Here are seven things to know about HRAs.

  • The employer sets up an HRA. The employer sets up an HRA for its employee and contributes a certain amount of money each year for an employee to use for medical expenses not covered by the employee's health plan, like deductibles or coinsurance. An HRA is funded completely by the employer.
  • HRAs can be offered alone, or paired with a health plan. Although HRAs are usually provided by employers to complement a higher-deductible health plan (HDHP), they can be offered alone or paired with any type of health plan.
  • HRA money does not earn interest. HRA accounts typically are not individually owned bank accounts, and therefore are not eligible to earn interest.
  • The employer determines contribution amounts. It is up to the employer to decide how much money should be placed into your HRA account.
  • An HRA can be used for any family member. Fortunately, the money in your HRA can be used by any family member who qualifies as a dependent on your tax return.
  • HRAs cover a number of health care expenses. Health insurance deductibles, health insurance premiums, and copays are all eligible HRA expenses.
  • Employees cannot take an HRA with them. If employment is terminated, the unused money will stay with the company.

    • Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

    Media Contact:Calvin Clark, Clarity Benefit Solutions, 732-428-8272, cclark@claritybenefitsolutions.com

    News distributed by PR Newswire iReach: https://ireach.prnewswire.com

    SOURCE Clarity Benefit Solutions

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