Changes announced to Health Reimbursement Arrangement (HRA) options
This new law will now include millions of small employers that weren't previously able to use an HRA to reimburse employees for health insurance premiums, due to restrictions under the Affordable Care Act. Infinisource Benefit Services offers HRA administration for employers of all sizes and is equipped to handle requests from these companies that are now able to offer this option.
The HRA provision allows employers who meet certain criteria to offer an HRA to their employees in lieu of offering their own health plan. The company must:
- Have fewer than 50 full-time employees
- Not offer a group health plan
- Provide the HRA on the same terms to all eligible employees
Maximum reimbursement allowed under the plan for eligible small employers is
"This new provision will be a significant new option for small employers who previously had more restrictions around offering HRAs to their employees," said
An HRA benefits employers and employees because qualified coverage and payments are excluded from gross income, leading to significant tax savings. HRA administration is just one of the offerings from Infinisource Benefit Services, and this exciting benefit option is helpful for small employers.
About Infinisource Benefit Services
Infinisource Benefit Services has been a leader in the COBRA and benefits administration industry since it started in 1986. Over the past 30 years, Infinisource Benefit Services has grown and expanded to include administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. Over 8,000,000 COBRA notices have been generated without a single adverse judgment or penalty. Infinisource Benefit Services has also processed more than 5,000,000 FSA/HRA claims and that number continues to grow. With 30 years of experience comes a unique understanding of employers' needs and how to best provide for those needs. For more information, visit www.infinisource.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/changes-announced-to-health-reimbursement-arrangement-hra-options-300382012.html
SOURCE Infinisource Benefit Services
Minnesota Life Insurance Company, et al; Notice of Application
Ascension Partners with Lyft to Offer Non-Emergency Patient Transportation
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News