Personal Health Accounts: The Choice is Yours
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HRAs
Health Reimbursement Arrangement (HRA) options are stand-alone employer-funded Section 105 plans. HRAs allow employees to access funds for repayment of non-reimbursed medical expenses and carry forward any unused funds to the next plan year if desired. As a Section 105 plan, the HRA funding is also tax deductible at the corporate level.
Coventry will assist your development of an HRA plan tailored to meet your overall plan design goals. Your HRA plan can be structured to reimburse only for those non-reimbursed medical expenses covered by the major medical plan like deductibles, coinsurance and copayments. Or, it can be expanded to include other IRS eligible medical expenses associated with dental, vision, chiropractic or other qualified expenses.
We also allow for other flexibility. For example, each customer can determine when HRA funds are available to employees, limits on the funds that roll over each year, coordination with Health Flexible Spending Arrangement (FSA) plans, and disposition of funds when employees are terminated or retire. Our flexibility ensures there is a plan design that works for you and your employees.
