As an employer, you know that one factor potential employees consider upon joining your company is the strength of your company’s benefits package. One benefit offering that can differentiate you from competitors is a Health Reimbursement Arrangement, or HRA.
An HRA is an account funded by an employer that reimburses employees for qualified medical expenses. In conjunction with a high deductible health plan (HDHP), an HRA encourages employees to spend wisely while decreasing premium costs.
Setting up an HRA for employees gives the employer control. You determine how much money goes into each employee’s account and establish the parameters for how the money may be used.