Enhancing Employee Well-being
St. Benefits Agency's Expertise in HRA Plans for Businesses
St. Benefits Agency is your trusted partner in navigating the complex world of Health Reimbursement Arrangements (HRAs) for businesses. We understand that selecting the right HRA plan can significantly impact your employees’ healthcare benefits and your bottom line. Our dedicated team specializes in assisting businesses in finding the best HRA plan tailored to their specific needs and goals. Whether you’re a small business exploring options like the Qualified Small Employer HRA (QSEHRA) or a larger organization considering an Individual Coverage HRA (ICHRA), we provide expert guidance on plan design, compliance, and implementation. Make the most of the tax advantages and flexibility offered by HRAs while providing valuable healthcare benefits to your employees. Contact us today, and together, we’ll ensure your business’s healthcare benefits strategy aligns seamlessly with your objectives.
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What does health insurance potentially cover?
At St. Benefits, our mission is to find the perfect insurance coverage for your company, one that truly understands and addresses your unique needs. Our comprehensive approach ensures that your employees are well taken care of, encompassing everything from vital medical services, including hospital stays and emergency services, to the finer details like prescription drugs, dental care, and vision care. Some of the coverage includes:Â
- Medical Services
- Prescription Drugs
- Dental Care
- Vision Care
- Mental Health Services
- Wellness and Preventive Care
- Hospital Stays
- Emergency Services
We've got answers
Frequently Asked Questions
1.What is a Health Reimbursement Arrangement (HRA)?
An HRA is a tax-advantaged benefit plan that allows employers to reimburse employees for qualified medical expenses.
2.How does an HRA work for businesses and employees?
Employers fund the HRA and establish the rules for reimbursement. Employees incur eligible medical expenses, submit claims, and receive tax-free reimbursements from the HRA.
3.What types of HRAs are available for businesses?
There are different types of HRAs, including the Qualified Small Employer HRA (QSEHRA), Individual Coverage HRA (ICHRA), and traditional HRAs. The choice depends on the employer's size and goals.
4.Are there specific requirements for offering HRAs as a small business?
Small businesses may have access to the QSEHRA, which is designed for employers with fewer than 50 employees. It has specific contribution limits and requirements.
5.Can HRAs be used with any health insurance plan?
HRAs can be designed to work with a variety of health insurance plans, including high-deductible health plans (HDHPs) and traditional group health plans.
6.What expenses are eligible for reimbursement through an HRA?
Eligible expenses typically include deductibles, co-pays, prescription medications, dental care, vision care, and other qualified medical costs. The specific list of eligible expenses can vary.
7.Can employees use HRA funds to pay for health insurance premiums?
Depending on the type of HRA and applicable regulations, employees may be able to use HRA funds to reimburse premiums for individual health insurance plans or other qualified coverage.
8.Are HRA contributions tax-deductible for employers?
Generally, contributions made by employers to fund HRAs are tax-deductible for the business.
9.Are HRA reimbursements considered taxable income for employees?
HRA reimbursements for eligible medical expenses are typically tax-free
10.Is there a maximum annual contribution limit for HRAs?
Contribution limits vary depending on the type of HRA. For example, QSEHRAs have annual contribution limits determined by the IRS.
11.Can employees roll over unused HRA funds from year to year?
Some HRAs may allow rollover of unused funds, but the rules can vary. ICHRAs, for instance, can permit rollovers, while others may not.
12.Where can I find more information about HRAs and their suitability for my business?
Consulting with a benefits expert like St. Benefits Agency can provide tailored guidance and information about implementing HRAs for your business.