FAQs About Health Reimbursement Arrangements (HRAs).
What is an eligible healthcare expense for an HRA?
Eligible expenses under an HRA plan are defined by the employer. Please contact your human resources department for information about your HRA’s plan design and eligible expenses. Generally, the following expenses are eligible to be reimbursed under an HRA plan:
- Deductibles
- Coinsurance and co-pays, and
- Other expenses that are described in Internal Revenue Service (IRS) Publication 502 as eligible or qualified expenses.
- Some insurance premiums may be eligible under an HRA
Eligible expenses must be incurred for the care of the employee and/or eligible members of the employee’s family. All expenses must have a date of service that is within the benefit plan year.
Are my HRA funds available to me anytime?
Many HRA plans provide an annual benefit that will be available to you at the beginning of the plan year. Others HRA benefits accrue from month to month. For example, your plan may provide $1,200 for the entire plan year but you may accrue $100 each month. You may only be reimbursed up to the maximum amount you have accrued at the time of the claim and reimbursed for the balance of your claim once you have accrued additional funds.
What is the maximum reimbursement amount from an HRA?
Your HRA benefit amount is determined by your employer. Please contact your human resources department for specific information about your plan design. Most plans will reimburse eligible expenses up to the full available balance in your HRA. If your plan is based on an accrual, you will only be reimbursed the amount that you have earned in the plan.
How often can reimbursements be requested?
Reimbursements are made to you based off of claim data sent to HealthEquity by your health plan. The frequency of reimbursements will depend on how often claim data is received. Most health plans send claim data at least once a week.
Only claim expenses that are incurred during the plan year or within the run out period are eligible for reimbursement.
Is there a deadline for submitting requests?
Many plans typically allow up to 90 days after the end of the plan year to request reimbursements for expenses that occurred during the plan year. This is known as the run out period. Please consult with your human resources department if you are unsure of these dates.
What happens to my unused HRA funds at the end of the plan year?
Your unused HRA dollars may roll over from year to year. However, this is may not be the case with your HRA. Under IRS rules the employer can determine if the unused HRA benefit can roll over or not. Be sure to contact your human resources department for details about your plan.
How quickly may I be reimbursed for qualified medical expenses?
Claims received from your health plan are processed by HealthEquity within two business days. Reimbursements from your HRA can only be made from the claim data that is received directly from your health plan. You will not need to fill out any request forms or submit any documentation to HealthEquity.
How may I receive my reimbursement?
You may receive your reimbursement via check or direct deposit. If you select direct deposit, your reimbursement will reach you quicker.
Where can employees get reimbursement forms?
Reimbursement forms are available at MyHealthEquity.com.
Can I view my HRA account online?
Yes, you may review your account balance, claim transactions, and manage your personal information online at MyHealthEquity.com.