Health Reimbursement Arrangement (HRA)
The take care® Health Reimbursement Arrangement allows employers who sponsor "higher" deductible plans, including IRS-Qualified High-Deductible Health Plans to make allocations to a side account that helps employees pay expenses that are not covered by insurance. Based on the employer's objectives, the HRA may be designed to cover any or all of these items and services:
At the employer's option, HRA allocations can be available for the current or future years and even during retirement. Although employees may NOT contribute to the HRA, employers may add an FSA account option for employees that need to set aside more money than is allocated to the HRA.
Payments for qualified expenses are tax-free. Participants pay qualified expenses directly from their account with the take care Card. When participants do not use the Card, they can pay for qualified expenses and submit a claim for reimbursement.