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Company is dropping HSA for HRA
Posted on 10/20/17 at 9:48 am
Posted on 10/20/17 at 9:48 am
I've done some preliminary research, and it seems like in every facet the HSA is the better choice. Our company is trying to increase employee morale, this appears to doing the opposite. Am I missing something.
Company will be putting in $2000 for the HRA. More details coming before open enrollment. Anyone have experience with the HRA?
Company will be putting in $2000 for the HRA. More details coming before open enrollment. Anyone have experience with the HRA?
Posted on 10/20/17 at 10:18 am to TheRustyShackleford
quote:
Company will be putting in $2000 for the HRA. More details coming before open enrollment. Anyone have experience with the HRA?
The benefit of this plan is that the $2,000 is there on day one of the plan year. The first $2,000 of covered medical expenses are paid for by the HRA directly. No debit card, no file for reimbursement, and if on January 1st you get in a situation that has a $2,500 cost... the first $2,000 is covered. You don't have that transition period where you need to build up dollars in an HSA.
Like an HSA, unused dollars roll over - provided you stay with that company.
Two big differences from an HSA.
1) You can't add your own money to an HRA.
2) The HRA money is not YOUR money. IF you leave the company, the money stays with the company.
Think of an HRA as the company is basically going to pay the first $2,000 of expenses for you, for situations in which you are covered by the plan.
A company COULD just put $2,000 a year in everyone's HSA... but then the money becomes property of the employee.
I guess the morale builder is that it gives you protection against early-year medical issues, and there is no need to be reimbursed. I believe the benefits of HSA, however, outweigh these.
Posted on 10/20/17 at 3:15 pm to TheRustyShackleford
My company just rolled these out today as well, but our HRA (which I had never heard of before) has to be 100% through Kaiser... if you use any non-Kaiser (with some exceptions) then you are responsible.
They haven't done away with the HSA yet... but I ahve a feeling they are introducing the HRA this year, then eliminating the HSA next year.
Oh... and they bumped the spouse-eligible surcharge up to $100/m... even though I'm only on the $19/m high deductible HSA plan.
They haven't done away with the HSA yet... but I ahve a feeling they are introducing the HRA this year, then eliminating the HSA next year.
Oh... and they bumped the spouse-eligible surcharge up to $100/m... even though I'm only on the $19/m high deductible HSA plan.
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