Definition
An employer-funded account that reimburses you for qualified medical expenses. It can help cover costs that your insurance might not.
What to consider
- Know which medical expenses are eligible for reimbursement.
- Keep your receipts organized for easy claims.
- Monitor your balance to maximize the benefit.
Real world scenarios
- Maureen saves receipts for doctor visits and prescriptions, submitting them for HRA reimbursement each quarter.
- An employer funds Eric’s HRA, covering part of his deductible and easing healthcare costs. He tracks every eligible expense meticulously.
- When Ariana switches to a high-deductible plan, her HRA offsets some of the extra out-of-pocket bills, smoothing the transition.
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