We realize that every employee is unique, so weʼve opted to provide all full-time employees with whatʼs known as a health reimbursement arrangement (HRA). Why? Because theyʼre awesome! In a nutshell, an HRA uses tax-free, 100% company provided funds to reimburse you for medical expenses incurred by you and your family. We primarily intend for it to cover monthly premiums, but it can also be used to reimburse a variety of out-of-pocket expenses.
Glad you asked, because thereʼs a lot of benefits.
Qualified Small Employer Health Reimbursement Arrangements were enacted by Congress via the 21st Century Cures Act, and the regulations established there govern much of how our companyʼs HRA works. Below are the monthly reimbursement contributions weʼve elected to provide to every full-time employee:
|Single employee (no spouse or dependents)||$400/mo|
|Employee with family (has spouse and/or dependents)||$800/mo|
Youʼll be mailed a debit card from our HRA provider, which you can use to pay for many types of medical expenses in person. It usually works at doctorʼs offices and places like CVS or Walgreens.
For online purchases, premium payments, or if you simply forgot to use your debit card, you can be reimbursed by submitting claims directly to our HRA provider. Reimbursements usually arrive in about a week or two.
For a complete list of eligible expenses, see the corresponding Google Sheet in the Google Drive folder shared with all employees. The spreadsheet also notes which claims may need supplemental documentation.
Itʼs important to note that an HRA cannot be used to reimburse premiums for insurance plans not purchased on the individual market (e.g. a plan provided through another employer). The IRS considers this double dipping.