Have you considered a vendor partnership for Health Reimbursement Account administration? Elevate’s partnership solution allows you to deliver a flexible HRA to your clients.
Last week, we had the pleasure of hosting Elevate’s Co-founder and CTO, Brian Strom, and their Chief Growth Officer, Melanie Hallenbeck, for our Meet A Vendor webinar series. They shared how HRAs help to reduce healthcare expenses and tax liability and explained how you could leverage their technology to streamline your clients’ health reimbursement accounts.
WHAT IS A HEALTH REIMBURSEMENT ARRANGEMENT (HRA)
A health reimbursement arrangement (HRA) is a flexible tax-advantaged plan provided and owned by an employer. Offering an HRA helps employers save money while offering an optimal benefits package to their workforce.
Since the IRS allows unique flexibility for HRAs, employers can configure their HRA plan designs based on their workforce needs while reducing healthcare expenses and tax liability. The challenge for employers is finding a benefits solution in the marketplace to support design flexibility by utilizing the latest technology and effectively streamlining administration.
WHAT ARE THE BUSINESS BENEFITS OF COMPLEX HRAs
- Partner – Unified platform and user experience for plan administration vs. disparate processes and disjointed systems.
- Employer – Creative tax-advantaged plan design based on employer-specific needs and requirements.
- Employee – Seamless access to account funds at the point of care and service.
BENEFITS AND CHALLENGES
An ideal processing engine coordinates unlimited rule-based behavior changes across account types.
It is critical for:
- Health Plans partnerships
- Retiree populations
- Union populations
- Even simple HSA/FSA pairing
The legacy method in the HRA market has its own challenges:
- Manual/tedious/error-prone setup of several accounts (each with different rules/behaviors)
- Manually move participants from account to account based on external information or events
- Manually renew
The benefits of using the optimal method:
- Create self-contained templates with rules embedded within
- Set up new groups simply by selecting templates and only overriding when needed.
- Elevate changes behavior automatically based on data they track
- Hands off renewals
Reach out to Elevate if you want to gain knowledge and insights into consumer-directed benefits and how their intuitive platform can help you and your clients make the most of it through their partnership solution.