Health Reimbursement Account (HRA)
Health Reimbursement Accounts (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. The employer funds and owns the account. Health Reimbursement Accounts are sometimes called Health Reimbursement Arrangements.
Standard and Creative Plan Designs
ISG has standard plan designs if you’re looking for a simple benefit plan. And if you’re looking to solve for unique challenges, we explore more robust options for meeting your needs. Our many options give you building blocks to create a plan design that’s just right.
Design your plan by choosing eligible expenses, contribution amounts and frequency, and your HRA spending requirements. And explore options for embedded deductibles, mid-year health plan changes, rollover, carrier file feed connections, post-employment benefits, perpetual benefits, wellness benefits, and other incentive-based benefits.
Electronic Data Interchange Options
Set your HRA on auto drive with electronic data interchange (EDI). We have connections with preferred carriers to transfer eligibility data (which reduces the employer’s administration work) and to transfer claim data (which supports an excellent customer experience for participants who do not need to manually submit claims).
HSA Compatible and FSA Complementary
The EBC HRA can be designed for compatibility with a Health Savings Account (HSA) and it also complements the Health Care Flexible Spending Account (FSA). Employees can choose to contribute to a HSA or Health Care FSA and use those funds to meet their HRA spending requirements and other eligible expenses not covered by the employer-funded HRA.
Employers determine when the HRA will pay and how much, and participants receive funds for eligible expenses. Participants log in to their online account to view their balance, submit claims for reimbursement, view recent claims from a carrier file feed, and more.
If a participant pays for an eligible expense with their preferred payment method, they can submit a claim for reimbursement online by logging in to their account, using the Employee Benefits Corporation mobile app, or by submitting a form and documentation via email, fax, or mail. By signing up for direct deposit, participants get reimbursed funds deposited directly into their bank account
The ISG Difference
Because ISG is a Savings Group, and not just a Third Party Administration company, we can offer our Savings Group account to both employee and employer alongside traditional health plans such as FSA’s and HRA’s. For employees, we can eliminate the “use it or lose it” rule that has haunted every FSA participant. For employers we can “fix” your claims funding each month which will make paying your FSA claims simple and predictable. Click here to learn more.