An HRA is a reimbursement account set up and funded by an employer to cover eligible healthcare expenses. Unlike a Healthcare FSA where the IRS defines the eligible services, the employer defines the services eligible for reimbursement from an HRA.
Since an HRA is created and funded by the employer to pay for your employees’ eligible healthcare expenses, employers can decide which services will be covered under the HRA.
An HRA is part of an employee benefit plan that is 100 percent funded by the employer. Employees will know in advance how much money they have to spend on eligible healthcare expenses.
When Employer Funding is loaded directly onto the Difference Card, employees are able to easily swipe at the point of service for the items defined under the HRA plan documents. Detailed Difference Card reporting makes it easy for employers to see HIPAA-compliant aggregate data regarding HRA utilization.
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