HRAs: A Great Option for Employee Health Insurance

HRA nanniesHealth Reimbursement Arrangements (HRAs) are a creative option for household employers with a range of budgets who want to offer a contribution program for health-related expenses as an employee benefit.

HRAs have been the best option for healthcare benefits in the household employment industry for many years – whether you use an HRA as a standalone option or combine it with a major medical insurance plan.

HRAs are flexible, convenient, and cost-effective, offering:

  • Freedom of choice to help control healthcare costs for your nanny, senior care worker, or other household employee
  • Freedom of control, making your employee accountable for the management of their medical treatments
  • Convenient roll-over feature so you don’t lose your contributions at the end of the year or when an employee leaves
  • Flexible budget options – contribution amounts that you determine
  • Versatility- an HRA can be used alongside other savings accounts and health options and can be used to fund insurance premiums and deductibles
  • Popular with the employee – HRAs use employer contributions, not employee salary deductions

HRAs allow employees and employers to take advantage of the lower premiums offered by high-deductible major medical plans and help keep healthcare costs under control. The employee becomes more self-reliant, aware of healthcare issues, and develops better judgment with health-related costs and arrangements.

The employer offers a useable, affordable employment benefit to their employee that helps recruit and retain the best employees, but doesn’t break the bank.

For more information, please contact us at (518) 348-0400.