Finding the right solutions for your clients in the healthcare landscape can be challenging. For brokers navigating these complexities, harnessing the power of Health Reimbursement Arrangements (HRAs) presents a strategic opportunity to tailor healthcare offerings to their clients' specific needs while empowering employees with flexible benefit options.

The steps below ensure brokers and their clients can effectively leverage HRAs. 

‍1. Start from a needs-based approach 

• Conduct a thorough assessment of your client's needs, considering their budget, employee demographics, and existing healthcare offerings. 
• Determine specific pain points or challenges your client faces while providing healthcare benefits. For example, are they struggling with rising healthcare costs, employee retention, or attracting top talent?
• Evaluate whether an HRA aligns with your client's goals and can effectively address their challenges. This may involve analyzing the HRA's flexibility, customization options, and cost-effectiveness compared to other benefit options.

‍2. Understand the full scope of HRA functionality

• Dive deep into the details of Individual Coverage Health Reimbursement Arrangements (ICHRA) to ensure you grasp all its nuances and potential benefits for your client.
• Familiarize yourself with what expenses can be covered under an HRA and any applicable limitations or restrictions. This includes understanding eligible medical expenses, such as premiums for individual health insurance plans, deductibles, copays, and certain out-of-pocket costs.
• Explore different structures and variations of HRAs to determine which best suits your client's needs. This could involve considering options like integrated HRAs, retiree HRAs, or qualified small employer HRAs (QSEHRAs) depending on factors like company size, employee demographics, and desired benefit offerings.

‍3. Partner with a full-service HRA platform   

• Look for a reputable HRA provider, like Liferaft, offering comprehensive services beyond basic ICHRA models. Seek out partners who can provide expertise in designing, implementing, and administering various types of HRAs tailored to your client's unique requirements.
• Prioritize technology solutions that streamline HRA administration, such as user-friendly portals for employees to submit claims, access benefit information, and track reimbursement status. A full-service platform should also offer robust compliance features to ensure adherence to IRS regulations and reporting requirements.
• Consider additional value-added services offered by HRA platforms, such as personalized support from benefits advisors, educational resources for employers and employees, and integration capabilities with existing HR or benefits management systems.

Consider posing these questions to your client. This will allow you to understand their unique needs and objectives in providing healthcare benefits to their workforce.

• What specific challenges are you facing in providing healthcare benefits to your employees?
• Have you considered the potential advantages of implementing an HRA in your benefits strategy?
• What are your key priorities and objectives in offering healthcare benefits, and how do you envision an HRA fitting into that strategy?
• Are there any specific features or capabilities you're looking for in an HRA platform, such as integration with other benefit solutions or customizable plan designs?
• How do you anticipate employees' responses to introducing an HRA, and what support or resources will they need to understand and maximize its benefits?

‍What are the key considerations when evaluating whether an HRA suits a client?

Consider factors such as the client's budget, employee demographics, and existing healthcare offerings to determine alignment with their goals, ensuring that the chosen HRA solution meets their immediate needs and supports their long-term objectives for employee benefits.

What expenses can be covered under an HRA?

Eligible medical expenses include premiums for individual health insurance plans, deductibles, copays, and out-of-pocket costs. Learn more about eligible medical expenses on our blog Qualified Medical Expenses an HRA Covers.

How do I choose the right type of HRA for my client?

Explore different structures and variations of HRAs, such as Standard HRAs, QSEHRAs, ICHRAs, and EBHRAs, based on factors like company size and desired benefit offerings, allowing for a tailored approach that optimally addresses the unique needs of each client's workforce.

What are the advantages of different types of HRAs?

Different types of HRAs offer unique benefits, such as cost-effectiveness for small businesses (QSEHRAs), flexibility in plan customization (ICHRAs), and supplemental benefits (EBHRAs), catering to diverse workforce needs.

What should I look for in a full-service HRA platform?

When seeking a full-service HRA platform, prioritize providers offering comprehensive services, including expertise in designing, implementing, and administering various types of HRAs tailored to your client's unique requirements. This ensures a seamless and customized experience from start to finish. Learn more about Liferaft's Broker Partnerships.

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.