Health Reimbursement Account

Image of younger and older employees laughing together.Looking for ideas to create a balance between the rising costs of benefits and an attractive set of benefit offerings for your employees? Lifetime Benefit Solutions has the answer for you ... and your employees will thank you!

Flexible. Creative. Affordable.
That’s Lifetime Benefit Solutions.

Our collaborative approach offers a solid investment in the health of your workforce as well as your business. You can cost-effectively continue to offer a rewarding benefit to your employees through the development of a Health Reimbursement Account (HRA).

Coupled with your medical plan, an HRA can help you combat the rising cost of health care. An HRA is an employer-funded, tax-sheltered account to reimburse employees for allowable medical expenses. High-deductible health plan members who do not qualify for an HSA can be enrolled in an HRA. Established under Internal Revenue Code Section 105, this employee benefit plan allows participants to pay for certain out-of-pocket health care expenses while you remain in control of how the dollars are spent.

The many benefits of HRAs.

You can gain greater control over your health care costs:

  • Save money with lower insurance premiums for employees with high deductible health plans.
  • Offer flexible benefit options to meet every situation with the ability to stack HRAs with Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) using one integrated portal to:
    • cover more expenses; offer an employer contribution amount in annual,
      monthly or custom accruals.
    • alter plan rules for enrollees with a loss of eligibility.
  • Go green with direct deposits and elimination of manual, paper-based claims processes.
  • Promote healthier lifestyle choices with increased employee involvement and 100% covered preventative care.
  • Save money on FICA taxes by offering an HRA solution to employees.

Types of HRAs:

Several great HRA plan options exist; our flexibility in plan design will help you create one that is right for you and your employees.

  • Deductible Only: This type of plan is designed to be coupled with a high-deductible health plan. The employer elects a higher deductible and then, through the HRA, allows participants to access additional dollars in order to reach that higher deductible.
  • Limited Purpose: This plan covers only specified out-of- pocket dental or vision expenses. It can
    also be restricted to cover a single specified medical expense, such as prescriptions.
  • Post-Deductible: In this design, only out-of-pocket medical expenses after the deductible has been satisfied are covered.
  • Retiree: This plan reimburses qualified medical expenses incurred only during retirement.
  • All Eligible Expenses: This plan reimburses for all expenses determined as eligible in Section 213 of the Internal Revenue code.

Employees can:

  • Enjoy tax-free withdrawals for qualified expenses.
  • Quickly and easily access funds with the Health Spending Card used at point of sale, or with funds directly deposited to a bank account through online distribution.
  • Enjoy secure access to accounts using a convenient consumer portal available 24/7/365.
  • Easily file claims online with the system doing the legwork of determining approval based on eligibility and availability of funds
  • Stay up to date on balances and actions required with automated email alerts and convenient portal home page messages.
  • Get one-click answers to benefits questions.
  • Protect the environment by using paperless summaries available online.

But wait! There’s more...

Our solution will help you:

Fight the rising cost of health insurance by offering HRAs along with high-deductible insurance plans.Our HRA solution offers easy-to-use online forms and reports, and secure, self-service portals that deliver high consumer satisfaction and valuable insight to employers.

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Lifetime Benefit Solutions is a national leader in developing and delivering health-related benefits plans – partnering with our customers to deliver value and promote employee health and wellness.

Flexible employee benefit programs, intelligently and creatively customized to your company’s unique situation.