Employers will now have additional flexibility to use reimbursement arrangements to help employees pay for health care costs.
Final Rule Allows Employees to Purchase Individual Health Coverage Using HRAs; Expands Types of HRAs Available
Millennials are projected to become the largest overall generation this year, and some studies predict the generation after them, Gen Z, will prove even larger. With this in mind, it’s important to make sure your benefits package reflects the needs of your changing workforce to encourage participation and stay competitive in attracting talent.
On Tuesday, the Internal Revenue Service, the Department of Labor Department, and the Department of Health and Human Services issued proposed regulations that reverse earlier regulations limiting the use of Health Reimbursement Arrangements to individuals covered by a group health plan.
When it comes to reimbursement accounts, the differences can be confusing. Between Healthcare Flexible Spending Accounts (HCFSAs), Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs,) how do you know which to offer employees?
There are rules regarding HSAs, Health FSAs, and HRAs that can be confusing and frustrating for both employers and employees.