Determining a budget for a stand-alone HRA is quite simple, because the cost of a stand-alone HRA is 100% controlled by the employer. This is one of the major benefits of offering a stand-alone HRA and why many small businesses and nonprofits are transitioning from traditional group health insurance to a stand-alone HRA.
Many small employers are combining Health Reimbursement Arrangements (HRAs), individual health insurance, and the new health insurance subsidies to create affordable health benefits that employees love.
Health Reimbursement Arrangements, also referred to as Health Reimbursement Accounts or HRAs, provide small businesses an affordable health benefits solution. HRAs are growing in popularity because they allow small businesses to provide health benefits at an affordable cost. A common question from small businesses is "who can administer the Health Reimbursement Account?"
On August 29, 2013 the U.S. Department of the Treasury and the Internal Revenue Service ruled that same-sex couples, who were married under jurisdictions that recognize their marriages, will be treated as “married” for all federal tax provisions where marriage is a factor. These federal tax provisions include, but are not limited to:
In the sea of new health reform regulations, employers, brokers, and employees alike are wading through the regulations to understand how health reform impacts their health plans, including Health Reimbursement Arrangements (HRAs). Like most health plans, HRAs may require minor plan changes by 2014 to be compliant with new health reform regulations.
The benefits of a Health Reimbursement Account (e.g. What is an HRA? How does it work?) The benefits of individual health insurance and an HRA (e.g. vs. group health insurance) How to request reimbursement and take advantage of the benefit How to get questions answered if they have them 1. Submit your HRA claim online For fastest approval, submit your claim and upload your documentation online. Make sure your email is up to date with us, so we can communicate with you quickly if we have any questions. 2. Is the medical expense reimbursable through your HRA? For a quick reference on what is reimbursable, see "eligible expenses" listed on your online Participant account dashboard, or this FAQ article. 3. Check your documentation Does your supporting documentation include all 5 pieces of information in this guide (or click on the image below)? Or, if your company requires that you submit an Explanation of Benefits (EOB) with claims, have you included this? 4. Does the information on your claim form match the documentation you're providing? Our claims processors look to verify that everything matches. 5. Submit claims individually by date of service and person Does your invoice, statement or receipt show several dates of services, or combine multiple patients? Submit individual claims for each date of service Submit individual claims for each person Tip: You can use one document/invoice for several claims, but we'll need you to submit individual claims. Claims that combine multiple dates of service or combine patient name cannot be approved. 6. Choose the correct “nature of expense” See this tutorial on how to categorize your expenses. 7. Check the dates Make sure the dates are within your coverage period, and that you are submitting claims within your company’s timing guidelines (usually 180-days from date of service). See: Time limits for submitting claims. Also, make sure you are using the date of service, which can be different than the date of payment.
On June 13, 2013, the Colorado Division of Insurance (DOI) issued a new bulletin (B-4.62) outlining updates to its Uniform Individual Health Insurance Application. The uniform application must be used by all carriers conducting business within the state of Colorado. What does this mean for HRAs and Defined Contribution? It means the HRA question has been removed from the Colorado Uniform Individual Application!
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.