Health Reimbursement Arrangements

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Presentation transcript:

Health Reimbursement Arrangements REEP Retiree Solution Health Reimbursement Arrangements

What is an HRA? Health Reimbursement Arrangement (HRA) is considered a Defined Contribution health care plan that may provide reimbursements for medical & dental insurance premiums and other eligible health care expenses HRAs are considered a supplement to the employee’s current Defined Benefit Plan and may be used after termination

What is an HRA? HRAs have been available since 2002 HRAs are funded by the employer only and employee contributions are not permitted HRAs provide triple tax savings with tax free deposits, tax free accumulation and tax free reimbursements

Utilizing an HRA as an Early Retiree REEP Group Plans Covered CA Plans Private Exchange Plans …Can match Covered CA plans and costs, plus provide access to many other plans Group Pays Carrier - No Need for HRA Subsidy vs. HRA Contribution Retiree Pays Carrier Reimbursed from HRA If retiree qualifies for a subsidy, they cannot have an HRA

Plan Design Eligibility: Contributions: All early retiree employees enrolled in group health coverage through employer’s sponsored group health plan Contributions: The District will contribute a set dollar amount per month for each full-time employee participating in the HRA Unused amounts carry over from year to year At time of termination unused account balances stay with the employee, although no new contributions will occur

Plan Design Reimbursement for Employees: Reimburse for deductibles and co-pays not covered by the District’s current health care plan 213(d) eligible health care expenses No taxation to participant 125 Plan contributions must be used first, before HRA, due to FSA “use it or lose it” provision

What are Eligible Expenses? Common Qualified Claims

Claims Debit card Acceptable Documentation Explanation of Benefits (EOB) Co-pay receipts Itemized Bill Name of Provider Patient Cost Date Description of service

A Great Value $8 per month Deducted from the HRA account

Administration MidAmerica Administrative Solutions is a national leader in providing HRA services Live telephone response is provided Monday through Thursday 5:30 a.m. to 5:00 p.m. and Fridays 5:30 a.m. to 3:00 p.m. 800.430.7999 24/7 web support is provided www.midamerica.biz

Funding American United Life (AUL) Fixed group annuity contract AUL is rated A+ (Superior) by A.M. Best Current interest rate is 1.75%

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