Tax-favored Health Reimbursement Accounts to lower costs.
Health Reimbursement Accounts (HRAs) are plans designed to save money for employers and employees. Allowed under Section 105 of the Internal Revenue Code, HRAs enable employers to reimburse employees for out-of-pocket medical expenses not covered by insurance. HRAs are usually combined with high deductible health insurance plans (HDHPs), as employers try to control costs, increase savings, benefit from tax advantages and expand employee benefits.
Rose & Kiernan has helped many employers make use of this tax-favored account in an effort to respond to the rising cost of health insurance. Our team of benefit specialists will educate you on the pros and cons of HRAs and help you decide whether the implementation of an HRA will help you reach your employee benefit plan goals.