A Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare.
HRA plans are employer-funded medical reimbursement plans. The employer sets aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis. Based on the plan design, HRAs can generate significant savings in overall health benefits.
The primary requirements for an HRA are that (1) the plan must be funded solely by the employer and cannot be funded by salary reduction, and (2) the plan may only provide benefits for substantiated medical expenses.
HRAs may be designed in many fashions to suit the specific needs of the employer and employees. It is one of the most flexible types of employee benefit plans making it very attractive to most employers.
About Fairway Insurance Advisors
Fairway Insurance Advisors provides auto and homeowners and other personal insurance coverages, as well as business or commercial insurance to all of Georgia including: Roswell, Atlanta, Alpharetta, Johns Creek, Cumming, and Suwanee. We work with consumers, business owners and mortgage professionals to craft fair, reasonable programs of insurance.
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Fairway Insurance Advisors is licensed in Georgia, North Carolina, South Carolina, Alabama, Virginia, Florida, and Tennessee. www.fairwayinsuranceadvisors.com