Health Reimbursement Arrangement (HRA) Services

Many employers and their employee’s are being battered with health insurance premium increases. With health care costs becoming increasingly unbearable most savvy brokers and employers are turning to alternative and complementary solutions to break the upward premium spiral. At the foundation of this movement are High Deductible Health Plans (HDHP’s). These HDHP’s are commonly established along with Health Reimbursement Arrangements (HRA’s) as a means to mitigate some or, all of the out-of-pocket expenses Participants would otherwise bear in association with a high deductible plan. With an HRA, employer’s fund Participant reimbursement accounts and define what the funds are used for (specified out-of-pocket expenses such as insurance deductibles, co-insurance, prescription drugs and co-pays are some of the expenses routinely covered). In many cases employers use the potential premium dollars saved as a result of instituting the HDHP to fund Participant accounts and/or reduce employee premium contributions making the change economically beneficial for everyone. An additional advantage is that employer contributions and the associated administrative costs are tax deductible, enhancing the savings associated with an HRA plan design.

BeneFlex offers multiple HRA plan designs and administration services that enable implementation of HDHP’s and their resulting potential stabilization or, reduction of health insurance premiums. Your company, employees and challenges are unique and BeneFlex will tailor a benefit plan design that fits your distinct needs. Further, as your company grows, we’ll be there to adjust your plan to accommodate your changing circumstance.

BeneFlex provides an array of tools and resources that seamlessly integrate the HRA experience for any company. The BeneFlex Convenience Card enables a single-platform automated electronic payment system of pre-tax HRA dollars when purchasing qualified items. Additionally, the BeneFlex Convenience Card accommodates multiple plan “buckets” allowing HRA’s and FSA’s to work in combination for enhanced Plan design capability. Just some of our capabilities include:

• BeneFlex Convenience Card (card for HRA’s, FSA’s, DCAP, Mass Transit & Parking)
• Prompt claims adjudication and turnaround
• Pay-to-Provider claims processing
• HRA Pocket Reference Card detailing Plan provisions for healthcare providers
• Direct deposit
• Non-discrimination testing
• Toll-free Call Center
• 24/7 web access and resources