While they’ve been around for a while, HRAs have recently gained traction among businesses of all sizes due to regulatory rule changes that make them more accessible and easy to use. They key to successful administering an HRA lies in implementation, including remaining compliant with all the rules and regulations that govern it. Here’s what to keep in mind when considering HRA administrators.
An alternative to traditional group plans, these 401(K) style benefits put the power in the employees’ hands and offer more personalization. They are also an effective recruitment and retention strategy. However, it’s best to outsource the administration functions of the HRA.
The right HRA administrator makes reimbursing employees for health insurance simple, quick, and effective.
Let’s check out some of the specifics of what HRA administrators do (and why you need one).