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(January 10, 2018)
NEW YORK, Jan. 10, 2018 /PRNewswire-iReach/ -- HRA company, Clarity Benefit Solutions, provides three ways employers and brokers can determine the HRA plan design for 2018.
Health reimbursement arrangements (HRAs) are tax-advantaged accounts that are funded with employer dollars to pay employee expenses not covered by their health plan. The employer determines what expenses will be covered in the HRA summary plan document within the limitations outlined by the Internal Revenue Service. Examples of HRA eligible expenses are premiums for health and long-term care insurance, dental, and vision expenses.
HRAs are a flexible tool to help employers and employees save money on healthcare. They can be set up to pay for deductible, copayment, coinsurance, prescription, and other costs. The dollar amount and payment schedule can vary based on the plans. Funds can be rolled over to the new plan year or forfeited.
Companies like Clarity Benefit Solutions, work closely with employers and brokers to help determine the best HRA plan designand then provide online tools to monitor the plan's effectiveness throughout the plan year. Here are some common HRA plan designs:
- First Dollar Coverage HRA. The HRA covers first dollar healthcare deductible until the HRA is exhausted.
- HRA With Employee Deductible. The employer sets an out-of-pocket limit that the employee will incur before the HRA starts to pay for expenses. Once the employee's out-of-pocket limit is met, the HRA will cover future deductible expenses with no need for the employee to pay out-of-pocket until the HRA is exhausted.
- Percent-Based HRA. This HRA has been designed to reimburse employees for a percentage of healthcare expenses until the HRA has been exhausted.
Once the plan has been determined, Clarity Quick Claim links the employee's health plan with the HRA account. When the employee has an eligible expense for the Clarity HRA, Clarity will automatically create a claim, populate it with the employee's insurance data, and process it. With Clarity Quick Claim there is no more filling out forms or submitting receipts. The entire process is automated.
About Clarity Benefit Solutions: Clarity Benefit Solutions HRA company, provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 732-428-8272, [email protected]
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SOURCE Clarity Benefit Solutions
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