Healthcare Reimbursement Accounts (HRAs) are rapidly becoming the foundation for many consumer-driven health plans. incorporating the advantages of both Medical Flexible Spending Accounts (FSAs) and Health Savings Account (HSAs), HRAs combine the control and cost-saving tools employers are seeking with the flexibility and protection employees need.
With an HRA, employers fund individual reimbursement accounts for their employees and define what those funds can be used for, i.e. specified out-of-pocket expenses such as deductibles and co-pays. HRAs allow employers to realize substantial savings by migrating from first dollar coverage to a High Deductible Health Plan (HDHP) option without having to increase their employees’ out of pocket exposure.
In addition to this innovative plan design, Paypro Benefits offers a Convenience MasterCard®, creating a clear win-win circumstance for both employer and employee. This single-platform debit card allows for the automatic, electronic transfer of pre-tax dollars from an HRA when paying for qualified expenses. Your employees can view their account online to keep informed of charges, balance information, legislation changes as well as easily download enrollment and claims forms.
Most importantly, the Paypro Benefits Convenience MasterCard® can accommodate and administer multiple Flexible Spending Accounts on the same card, for one charge!