In today’s world of rising medical costs, employers are faced with challenging decisions related to the benefits plan they offer employees. Solutions vary widely, and include implementing a Health Reimbursement Arrangement (HRA) and changing the insurance benefit they offer, or in extreme cases, eliminating the insurance benefit altogether
empowHR’s HRA is the right choice for employers who want to allocate a set dollar amount for employee medical expenses or who wish to offer a Plan that covers specific medical expenses only.
With empowHR’s HRA, employers set aside a specific amount annually from which employees pay for healthcare expenses. Employees request reimbursement from empowHR’s HRA after an expense is incurred. All employer contributions to the Plan are tax deductible to the employer and are tax-free to the employee.
For employers, empowHR’s HRA can generate substantial savings in overall health benefit costs and improve employee morale. For employees, empowHR’s HRA means real savings, more control, more flexibility, and better service.
Benefits for Employers:
■ Offers customized HRA Plan designs
■ Allows for a continuation of employee benefits and maximizes the employee healthcare benefit
■ Improves cash flow with fronted reimbursements and saves time with electronic fund transfers
■ Provides industry-leading, fast, and accurate request for reimbursement
Benefits for Employees:
■ Gives employees control by putting healthcare choices in their hands
■ Allows unused dollars to be carried over from year to year
■ Saves time with on-line account balance and reimbursement information via empowHR’s Financial Dashboard