Where can I use my HRA debit card?

You can use the debit card at merchants and health care providers that accept VISA® and are providers of qualified medical services. Use it for expenses such as office visit copays, hospital deductibles, prescription copays, and other services that may be covered services under your health plan.

Who offers HRA?

Generally, employers of any size can offer an individual coverage HRA, as long as they have one employee who isn’t a self-employed owner or the spouse of a self-employed owner. HRAs are only for employees, not self-employed individuals.

What can I buy with my HSA debit card?

Here are some examples of products you may be able to purchase with HSA funds:

• Sunscreen.
• Over-the-counter pain relievers, cold medicines and stomach remedies.
• Air purifiers and filters.
• Feminine hygiene products.
• Birth control.
• First aid supplies, including bandages.
• Orthotics, orthopedic braces and wraps.

What can I use my HRA to pay for?

HRA – You can use your HRA to pay for eligible medical, dental, or vision expenses for yourself or your dependents enrolled in the HRA. Your employer determines which health care expenses are eligible under your HRA.

Do you get a debit card with an HRA?

The debit card with access to an HRA is a convenient option your employer may offer to you. The debit card allows you to access the funds in your account without having to complete and file forms.

Can I withdraw money from my HRA account?

An HRA is not an account. Employees cannot withdraw funds in advance and then use them to pay medical expenses. Instead, they must incur the expense first, then have it reimbursed. Reimbursement at the time of service is possible if the employer provides an HRA debit card.

Is an HRA worth it?

A Health Reimbursement Arrangement (HRA), can be one of the most effective ways to save money on your group health insurance premiums. In fact, some companies can save upwards of 30% over traditional plan setups.

Can I use my HSA debit card at an ATM?

You can use your HSA card at an ATM to reimburse yourself for eligible expenses paid out-of-pocket. (A transaction fee may apply. See your HSA Bank Fee and Interest Rate Schedule.)

Does HRA go towards deductible?

A Your HRA contribution is 100% tax deductible. Also, the money you put in your employees’ HRA is not reported as income, so they’re getting tax-free money to use for their medical needs.

Is HRA a good plan?

Is HRA use it or lose it?

In general, HRAs have no “use-it-or-lose it” policy. The employer can specify at the beginning of the year whether funds remaining in a participant’s HRA are either forfeited at the end of the plan year or whether funds can roll over and remain in the account from year to year.

Can a debit card be used for a HRA?

This HRA variant can also offer a debit card for employees to easily access their HRA funds. Member pays first: This HRA variation requires the employee to have payment responsibility prior to accessing HRA funds. Once the employee responsibility has been met, the HRA funds can be uses for eligible expenses.

How can I view my HRA account balance?

View account balances from the consumer portal or mobile app to see accruals and access funds in retirement easily via our stacked debit card (where your participants only need one debit card to access their health and commuter benefits).

What are the different types of HRA plans?

Some variations of an HRA plan include: HRA pays first: HRA provides first dollar coverage for eligible expenses. Employees can use the HRA funds to pay for eligible services that apply to their deductible before they spend out-of-pocket dollars. This HRA variant can also offer a debit card for employees to easily access their HRA funds.

What is an HRA with a health incentive account?

HRA with incentives or health incentive accounts (HIAs): This HRA option, also called an HIA, allows the employer to offer additional deposits upon the completion of identified incentive activities. Employees can see the rewards as deposits into their account. The amount available in an HRA is set by the employer.