Maximizing Employee Benefits with an HRA
Discover how Liferaft empowers companies to tailor their Health Reimbursement Arrangements, offering essential support for employee well-being.
November 2, 2023
As group health plans fall short of covering most medical expenses, companies want to expand their benefits offerings with Health Reimbursement Arrangements (HRAs). By Partnering with Liferaft, an HRA administrator, you can configure an HRA benefit that perfectly aligns with your company’s goals and your employees’ expectations.
When it comes to HRA configuration, Liferaft stands out for several compelling reasons. With a dedicated focus on customizing HRAs to match your company's unique needs and employee expectations, Liferaft is a trusted partner committed to optimizing your benefits strategy.
One of the critical aspects of managing an HRA is determining the appropriate reimbursement levels for your employees. Liferaft simplifies this process by offering expert guidance and tools to help you strike the right balance between affordability for your company and attractiveness for your employees. With Liferaft, you can rest assured that your employees' needs will be met while keeping your budget in check.
HRAs are incredibly versatile, covering many medical expenses that traditional group health plans often miss. Liferaft goes the extra mile to ensure you know how you can leverage your HRA benefits. We understand that each company has unique needs, and we're here to help you tailor your HRA to address those specific needs. Whether covering premiums, copayments, or fertility treatments, Liferaft empowers you to design an HRA that suits your employees' diverse healthcare requirements.
Standard HRAs are a powerful tool for enhancing your employee benefits package. They complement your existing group health insurance plan by filling in the gaps in coverage. Below are examples illustrating how Standard HRAs can be customized to meet specific needs.
Imagine your employees are looking for coverage for expensive infertility treatments. Liferaft allows you to configure your HRA with an annual cap, providing your employees with financial support when needed. This demonstrates your commitment to their well-being and helps alleviate the financial burden associated with such treatments.
To see a breakdown of how Liferaft helped a company implement an HRA for fertility treatments, read our blog, This Business Expanded Coverage to Specialty Care.
Inclusivity is a core value for many organizations today. However, traditional insurance plans often fall short when providing coverage for gender affirmation surgery. Liferaft allows you to bridge this gap by incorporating essential support for such procedures into your Standard HRA. This demonstrates your commitment to your employees' well-being and nurtures an environment of inclusivity and diversity.
While it's true that not all your employees may require this benefit, the knowledge that these resources are accessible within your organization can bring a sense of satisfaction and assurance to your entire workforce.
In today's world, mental health has emerged as a top priority. However, most insurance providers do not offer comprehensive coverage for mental health services. Liferaft provides a proactive solution by allowing you to configure a dedicated mental health benefit within your employee benefits package, helping reduce the stigma associated with seeking help and addressing mental health concerns.
Extensive research shows untreated mental health problems can lead to decreased productivity, higher absenteeism rates, and increased healthcare costs. Recognizing these challenges, employers can create a more supportive work environment prioritizing employee well-being, ultimately leading to enhanced satisfaction, improved retention rates, and better overall performance.
For employers seeking a transition to a high-deductible health plan as a cost-effective strategy, it's vital to prioritize the financial well-being of their employees. By implementing an HRA, employers can minimize the out-of-pocket burden on their workforce and achieve considerable reductions in health premium costs for employees.
The HRA is a financial safety net, reimbursing employees for a comprehensive range of healthcare expenses.
An HRA is a valuable employee benefit that provides financial support for various medical and dental expenses. However, it's essential to understand that HRAs have specific guidelines established by the Internal Revenue Service (IRS) regarding the costs that can be reimbursed.
What sets HRAs apart is employers' degree of control in tailoring these benefits to their workforce's needs. Employers can decide which out-of-pocket expenses will be reimbursed through their HRA plans. This means they can customize the HRA to align with their company's values and priorities, whether that involves prioritizing mental health services, fertility treatments, or other specific medical needs.
To learn more about eligible expenses and other options for setting up your HRA, read our Qualified Medical Expenses blog.
At Liferaft, we take pride in being a customer-first company. Our commitment to your success extends throughout the entire HRA process.
Liferaft's HRA administration services are not only highly effective but also cost-effective. We understand the importance of managing your budget while providing robust employee benefits. Our solutions are designed to be affordable, ensuring that companies of all sizes can access top-notch HRA administration services.
Navigating the complexities of benefits administration has always been challenging. Liferaft's user-friendly platform streamlines the entire process, making it easy for HR professionals and employees to access and manage their benefits. This user-centric approach enhances the overall experience, reducing administrative headaches.
We recognize that every company is unique, with its challenges and goals. That's why Liferaft offers personalized support tailored to your specific needs. We don't believe in one-size-fits-all solutions. Instead, we work closely with you to understand your company's unique requirements and provide the support and guidance needed to achieve your objectives. This level of customization sets Liferaft apart from other HRA administrators in the industry.
In the intricate world of HRA administration, Liferaft emerges as the partner you can trust. Our unwavering commitment to configuring your HRA benefits, bridging coverage gaps with HRAs, and providing unparalleled support distinguishes us in the industry. By partnering with Liferaft, you ensure your employees can access the best possible benefits tailored to their needs. Together, we can navigate the complex terrain of employee benefits and ensure your company and employees thrive.
Yes, contributions made by employers to an HRA are tax-deductible as a business expense. This provides a financial incentive for employers to offer this benefit to their employees.
No, HRAs are explicitly designed for qualified medical expenses as defined by the IRS. Using HRA funds for non-qualified expenses may result in employer and employee tax penalties.
Standard HRAs typically do not have the same annual contribution limits as other HRA types, such as the QSEHRA or EBHRA. Employers can contribute as much as they deem appropriate to meet their employees' healthcare needs, making the Standard HRA a flexible option.
The treatment of unused funds in an HRA can vary depending on the plan design. In some cases, funds may roll over to the next plan year, while in others, they may be forfeited. Employers can choose a rollover or forfeiture approach based on their plan design and goals.
Employees can access funds from an HRA by submitting eligible healthcare expenses and receipts to their HRA administrator, typically through an online portal. Once the costs are verified, the funds are reimbursed to the employee.
Our team knows the ins and outs of the health insurance marketplace and will guide you towards the solution that make the most sense for your business and your team. Come with questions! Our experts are happy to dig into the details to get you the clarity you need.
During the call, Liferaft will run a cost-benefit analysis on your company's current healthcare spending and show you different ways you can save—without sacrificing plan quality. After your consult, Liferaft will design a unique plan for your employee's health insurance, including suggested plans and accounts, plan policy documents, and the annual budget.
