GUIDE TO HRAs

What's included in your download

Liferaft's 2023 Guide to HRAs is the most comprehensive guide available, giving you everything you need to determine if an HRA makes sense for your business.

What is an HRA?

A Health Reimbursement Arrangement (HRA) is a health spending account an employer can use to reimburse employees tax-free for out-of-pocket healthcare expenses. Compared to group health plans, HRAs are more flexible, customizable, and affordable. Liferaft makes administering an HRA easy.
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Requirements & features

Depending on the type of HRA you are setting up, there will be different unique requirements that the Liferaft team will help you to easily navigate. All HRAs must be funded entirely by the employer, not through salary deductions, and the accounts can only reimburse employees for qualified and substantiated medical expenses.
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Eligible HRA expenses

HRAs only cover qualified medical and dental expenses, as defined by the IRS. Eligible expenses include costs to alleviate or prevent a physical or mental ailment, but not expenses for general health maintenance such as vitamins. Employers have the right to exclude any qualified expense from their eligible reimbursable expenses.
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When an HRA makes sense

An HRA is often the most cost-effective option for a remote or distributed team, when there are major cost differences between the group and individual market, for employers hoping to expand benefits or offer benefits for the first time, or for companies who have a fluctuating workforce size.

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Different HRA types

Recent legislation has created even more types of HRA, giving employers even more flexibility over their benefits. It is now possible to use an HRA to reimburse employees for individual health insurance premiums. Plus, fewer restrictions on who can be covered by an HRA.
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HRA vs. HSA vs. FSA

There are three types of accounts people use to save for medical expenses: Health Reimbursement Arrangements (HRAs), Health Savings Accounts (HSAs), and Flexible Spending Accounts (FSAs). All three acronyms are similar, but there are significant differences between them.
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What is an HRA?

Learn more with Liferaft's HRA guide →

A Health Reimbursement Arrangement (HRA) is an account an employer can set up to reimburse employees for out-of-pocket healthcare expenses.

The funds in the account are not subject to taxes and can be used to cover a wide range of healthcare costs, including premiums, co-pays, and dental and vision expenses.

Compared to traditional group health insurance plans, HRAs are more flexible, affordable, and easier to administer. Plus, you can easily tailor plans to fit the specific needs of your employees.

We know it's hard to believe — so we'll give you $50 to show you

It is hard to believe that restructuring the way you offer benefits can really result in savings of $150k a year—without sacrificing plan quality.

But it's true, Liferaft Benefits is helping businesses drop group health and take advantage of significant cost savings by adopting an ICHRA-model for their health insurance.

For the next two weeks, webinar registrants can take advantage of a $50 Visa Gift Card when they provide an employee census and information for Liferaft to generate a quote.

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* You must meet with the Liferaft team to review your quote before receiving your Visa gift card. Card will be delivered digitally to the email address of your choosing.