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Health Reimbursement Arrangements (HRAs) Health Reimbursement Arrangements (HRAs) are tax-favored accounts that employers can establish for their employees to pay for certain medical expenses for the employee, their spouse and/or tax dependents. About HRAs:
• Any employee is eligible (subject to employer-designed exclusions) • Employers save on FICA and Medicare taxes (7.65%) • Only employers can make contributions • Owned by the employer • There is no maximum contribution amount • Unspent balances can be carried over to the next year if it is designed in the plan • IRS non-discrimination rules apply • Need to have a written plan document, distribute a summary plan description and in some cases annually file a Form 5500 |
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