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Health Reimbursement Accounts (HRA)

Health Reimbursement Account (HRA) Overview:

Group Insurance HRA: Lower group health insurance premiums by raising the health insurance deductible. Take advantage of tax savings through employer provided HRA benefits resulting in significantly lower total expenses.

Individual/Family HRA: The HRA strategy can work with individual and family health insurance policies in a "defined contribution" scenario.

HRA PROS and CONS:
PROS:
1. Lower health insurance premiums with high deductibles.
2. Tax deductible employer contributions to Health Reimbursement Accounts.
3. Tax free benefits to employees
4. Wider array of eligible medical, dental, and vision expenses.
5. Save on network provider discounts for doctors, hospitals, etc.
6. Better control of benefit funds.
7. Only pay for what is needed and used.
8. Minimal total liability to employer and employees.

CONS:
1. Minor fees however significant total savings.
2. Not every health insurance company has automatic claim feeds.
3. Tax rules and regulations.

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