HRA Archives

Going Beyond the Basics: Building an Effective Well-being Package

The employment landscape has undergone some drastic changes in the past five years. For many companies, remote or hybrid work arrangements have become permanent; Gen Z is bringing new energy and new ideas; and people are reprioritizing their personal needs, seeking non-traditional ways to improve their professional and personal lives. The changing norms and expectations have forced many employers to rethink employee benefits and well-being. With workers in diverse locations and spanning multiple generations, companies

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Understanding Eating Disorder Therapies and How Benefit Accounts Can Help

National Eating Disorder Awareness Week, observed from February 17-21, is a critical time to raise awareness about eating disorders, their treatment options, and the financial resources available to support recovery. With millions of individuals affected by conditions like anorexia nervosa, bulimia nervosa, and binge-eating disorder, it is essential to understand the various therapies that can aid recovery. Additionally, many individuals may not realize that benefit accounts, such as FSAs, HRAs, and HSAs, can help offset

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Leveraging Tax-Advantaged Benefit Accounts in Recruitment

While competitive salaries and flexible work arrangements often grab headlines, tax-advantaged benefit accounts like health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs) are powerful tools for recruiting and retaining top talent that are often overlooked. These accounts support employees’ financial wellness and help employers manage benefit costs effectively, creating a win-win scenario for both parties. Financial Wellness Benefits Grow in Importance Financial stress remains a significant burden for many employees.

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12 Ways to Improve Open Enrollment

Open enrollment can be stressful for employees, HR professionals, and third-party benefit administrators. Vital information must be shared and digested, and timely financial decisions must be made so coverage can start on time. Your company workforce may range from experienced, veteran employees to new hires in their first job. It’s a tall task to pull off an open enrollment season that meets the needs of everyone involved (but you CAN do it!). Here are 12 ways

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Making the Most of Open Enrollment: Understanding Your Tax-Advantaged Account Options

Open enrollment represents a pivotal moment for both employees and employers each year. This is when individuals can make significant choices regarding their health insurance coverage. For many, it’s the sole chance to enroll in or adjust tax-advantaged benefits such as Healthcare Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), and Dependent Care FSAs. Grasping the nuances of these accounts will help you make better decisions, enhance your savings, and fully

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Engage Employees to Achieve Cost Savings and Better Health Outcomes

As employers plan their benefits programs for 2025, they face the daunting task of managing costs while ensuring high-quality healthcare options for their workforce. The annual premium average for employer-sponsored family coverage in 2023 was $23,968, with employees contributing an average of 27.4%, or $6,575, according to the KFF Employer Health Benefits Survey. However, access to healthcare is only the first step. Many employees struggle to navigate the complex healthcare system, often seeking medical services

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The Rise of ICHRAs: A New Era in Health Benefit Solutions

With a growing emphasis on flexible, customized, and cost-efficient health benefit solutions, Individual Coverage Health Reimbursement Arrangements, commonly called ICHRAs, are gaining popularity. A new report by the HRA Council found that U.S. employers’ adoption of ICHRAs increased by 29% overall (and by a whopping 84% among ALEs alone) between 2023 and 2024. The Rise of ICHRAs ICHRAs debuted in 2020 as a significant departure from traditional group health plans. Instead of offering a uniform

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Designing Good Employee Benefits: 8 Questions You Should Ask

As we enter the last full month of summer, many employers are already working to develop their benefits programs for 2025. Creating a benefits plan that pleases everyone, especially in a diverse workforce, can seem impossible. To be successful, it is vital to identify which types of benefits various employee groups require. The secret to a successful scheme is asking the right questions that engage employees and meet their needs. What Are Targeted Questions? Employers

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How COBRA Interacts with ICHRA and HRA Plans

The Consolidated Omnibus Budget Reconciliation Act (COBRA) mandates employers to offer continuing health coverage to employees facing qualifying events such as job loss or reduction in work hours. However, navigating the interaction between COBRA and some reimbursement accounts, such as Individual Coverage Health Reimbursement Arrangements (ICHRAs) and Health Reimbursement Arrangements (HRAs), presents complexities. What are ICHRA and HRA plans? ICRHAs and HRAs are both exclusively funded by the employer and generally not taxable to the

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Demystifying Healthcare Costs: Employee Tips to Maximize Benefits and Save Money

Healthcare costs can be confusing, but with the right knowledge and strategies, just about everyone can navigate this complex landscape effectively. Below are some helpful tips for employees to maximize their benefits and save money in the process. Understanding Healthcare Costs Before diving into cost-saving tips, it’s essential to understand the various healthcare cost components. Healthcare expenses can include premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums. Additionally, there may be other costs associated with prescription

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