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BlueSolutions for HRA is a medical plan that features several combinations of deductibles and coinsurance options. It can be combined with a health reimbursement arrangement through London Health Administrators.
Employers can establish a health reimbursement arrangement (HRA) to help fund medical expenses for employees and their families. An HRA can be paired with a medical plan that features several combinations of deductibles and coinsurance options.
HRAs must be set up by an employer on behalf of its employees (self-employed individuals are not eligible for HRAs). The HRA must be entirely funded by the employer.
As the employer, you decide how much money to put in your employees’ HRAs. Employees withdraw the necessary HRA funds for eligible expenses according to your HRA plan. You also determine whether your employees can have access to the entire annual contribution at any time during the year, or whether they can access only a portion of the funds at any given time.
There is no limit on how much money you can contribute to your employees' HRAs. As an employer, you decide how much to contribute.
Reimbursements may be made for any eligible expense as defined in IRS code section 213d. However, as an employer, you would determine what your HRA plan allows as an eligible expense. For example, you may limit eligible expenses to those services covered under your medical plan.
It depends on how you have structured the HRA plan. You have the option of allowing your employees to use their HRAs for expenses of spouses and dependents, or you may restrict the use of HRA funds to only the employees’ expenses.
It depends on how you’ve structured the HRA plan. Unused funds in employees’ HRA accounts may roll over to the following year. You determine whether your employees would carry over all or a portion of their unused funds from year to year.
HRA accounts are not portable. Therefore, if employment ends, the employee cannot take the balance of the HRA with him or her. However, these plans are subject to continuation of coverage as provided through COBRA (if applicable).
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