Would you like to learn more about TASC's Service Offerings?
We’re here to help you and look forward to connecting.
A Health Reimbursement Arrangement (HRA) is an employer-funded plan that reimburses employees for qualified medical, dental, and vision expenses. A Health Reimbursement Arrangement is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare. The employer sets aside a specific amount of pretax dollars for employees to pay for health care expenses on an annual basis.
Benefits should feel like benefits but they really feel like a complex, ever-changing mess — until now. TASC is bringing back the real intent of benefits: to help employees improve their health, wealth and well-being for themselves and the people they care about most. With TASC you have the ultimate flexibility and configurability to the benefits you choose to offer. HRAs are very flexible, allowing the employer to design their plan to meet the unique needs of the company and the employees.
An employer must offer group health insurance to offer a Healthcare FSA.
Eligible employees typically enroll during the annual enrollment period. Mid-year enrollments are possible when eligibility requirements (ex. new hire or qualifying event) are met.
As an employer-only funded account, the employer decides the maximum annual contribution for each employee’s HRA and when those funds are made available.
HRAs offer predictability, allowing employers to anticipate their approximate maximum expense for HRA health benefits for the year.
Reimbursements through an HRA are 100% tax deductible for employers and tax-free for employees.
Runout allows for participants to submit claims with a date of service (DOS) from the previous plan year. Elected by the employer, this allows up to 100% of the remaining balance from the previous plan year to be added to the new plan year election.
This is optional plan design configuration. If the employer determines to offer, the carryover allows all or a portion of unused funds.
This is optional plan design configuration. If the employer determines to offer a rollover, it allows unused funds at plan year end to roll forward for use in current and subsequent plan years. The rollover does occur until run out period is complete.
Participants receive money for eligible health expenses without making contributions and may use HRA funds to pay for a wide range of medical expenses not covered by their health insurance policies.
The employer determines which expenses are eligible for reimbursement.
In most cases, participants can use their TASC card or request a reimbursement online, through the mobile app, or via paper form (mail or fax). Money not used at the end of the plan year is forfeited to the plan.
An explanation of Benefits or EOB is preferred and required in most cases.
Only eligible expenses with dates of service that fall within the HRA plan year can be reimbursed. There are exceptions to this, see below:
Services from the previous year may be reimbursed if the participant was effective for the plan at the time service was incurred.
A revolutionary, integrated, and configurable financial service cloud-native SaaS platform offering 60+ benefit accounts. A platform designed around how people actually think, rather than overcomplicated rules and regulations.
Universal Benefit Account provides smart user experiences, an easy and intuitive way to integrate into peoples’ lives with the technology they already use, and a connected solution with one website, one card and one mobile app.
We’re here to help you and look forward to connecting.