Health Reimbursement Arrangements (HRAs)
Integrated, employer-funded health benefits for cost control and employee support.
Executive Summary
HealthEquity provides Health Reimbursement Arrangements (HRAs) as employer-funded health benefit plans designed to help organizations offer flexible health spending options to their employees. These plans are often used to supplement high-deductible health plans (HDHPs), allowing employers to contribute funds that employees can use for eligible medical expenses, thereby reducing out-of-pocket costs and enhancing overall benefits. The platform offers a comprehensive solution for administering HRAs, including an employer portal for managing plans and contributions, and robust data integration capabilities with health plan carriers. HealthEquity also supports compliance requirements, such as plan document preparation and non-discrimination testing, ensuring that HRA programs meet regulatory standards. The goal is to simplify benefits administration, provide cost-saving opportunities for employers, and improve the health benefit experience for employees.
Use Cases
- Supplementing high-deductible health plans (HDHPs) to reduce employee out-of-pocket costs.
- Providing employer-funded benefits to attract and retain talent.
- Offering flexible health spending options for employees.
- Managing COBRA-eligible health reimbursement benefits.
- Integrating with existing health plans for a comprehensive benefits package.
Features
Visibility
- Employer Portal Access: A dedicated online portal for employers to manage HRA plans, employee eligibility, and contributions.
- Employee Account Access: Employees can access their HRA accounts, view balances, and submit claims for reimbursement through a member portal.
Intelligence
- Cost Savings Analysis: Tools and reports to analyze the financial impact of HRA plans and identify potential cost savings for employers.
Support
- Dedicated Implementation Support: Guidance through the implementation lifecycle, including plan setup and data integration.
- Customer Service & Support: Access to support for employers and employees regarding HRA administration and account inquiries.
Technical Specifications
- Deployment
- SaaS
- Authentication
- SSO/SAML
- API Available
- Yes
Integrations
- Health Plan Carriers
Pricing
- Starting Price
- Contact sales
- Target Customer
- Mid-Market,Enterprise
About HealthEquity
HealthEquity is a financial technology and business services company that serves as a non-bank health savings trustee. They empower healthcare consumers by providing Health Savings Accounts (HSAs) and other consumer-directed benefits (CDBs) such as Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and commuter benefits. Their target market includes individuals, employers, benefits advisors, and health and retirement plan providers.