Myths about HRAs: Part 1
Despite their growing popularity, many people still believe the myths surrounding health reimbursement arrangements (HRAs)!
So let's set the record straight on myth number one - that HRAs aren't a real health benefit. This couldn’t be further from the truth.
An HRA is an IRS-approved, employer-funded health plan. They allow employers to reimburse employees tax-free for qualified medical expenses up to a fixed dollar amount.
With a qualified small employer HRA (QSEHRA) or an individual coverage HRA (ICHRA), employees choose the individual health insurance plan that works best for them and employers reimburse them for the premiums instead of offering a group health plan.
With all HRAs, you have to follow IRS regulations to make sure your health benefit stays in compliance with the law. You can visit PeopleKeep.com to learn more and follow us here for myth number two coming soon!
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