Reimbursement Accounts offer many advantages.

Reimbursement accounts help to offset healthcare expenses while giving employers greater flexibility in designing their benefits program. We’ll help you explore the available options and find the right fit for your employees and your business.

Qualified Small Employer Health Reimbursement Account (QSEHRA): This type of reimbursement account is available for employers with 50 or less full-time employees. The employer can set up the plan design to reimburse out-of-pocket expenses and/or medical premiums. The QSEHRA does have a maximum contribution amount that changes annually.

Individual Coverage Health Reimbursement Account (ICHRA): ICHRAs are available for any size employer. Like the QSEHRA, employers can set up the plan to reimburse out-of-pocket medical expenses and/or medical premiums. The ICHRA meets the Applicable Large Employer (ALE) mandate of the Affordable Care Act.

Employee Benefit Health Reimbursement Account (EBHRA): EBHRAs are available for any size employer, however, are generally offered along side a group health coverage. Only claims expenses are reimbursable; no premiums. There is a maximum contribution amount that changes annually.

Traditional Health Reimbursement Account (HRA): HRAs are available for all size employers. HRAs are very flexible but have to be offered alongside group coverage. HRAs reimburse medical claims expenses.

Health Savings Accounts (HSA): HSAs are employee-owned, tax-free bank accounts that allow for reimbursement of qualified medical expenses. In order to open a HSA, the individual must be enrolled on a qualified health plan that meets IRS requirements. Funds in a HSA roll forward every year for future healthcare expenses. HSAs do have a maximum contribution amount that changes annually.

Flexible Spending Accounts (FSA): FSAs are an arrangement through an employer that allows employees to pay for qualified medical expenses with tax-free dollars. The employer sets the limit on how much an employee can contribute into the FSA. If funds are left over at the end of the plan year, the employer can either allow for carry over of some funds or provide employees with additional time to spend leftover funds.

Dependent Care Flexible Spending Account (DCA): This is a pre-tax benefit account used to pay for dependent care services.  There are specific requirements to who is considered a “dependent” as well as a maximum reimbursement contribution amount.