Health Reimbursement Account
The IRS allows an HRA to reimburse eligible medical expenses (including over-the-counter items such as insulin, medical equipment and supplies) of an employee, his or her spouse, and qualified dependents.
Note: Employers are not required to allow all expenses be reimbursed from the HRA – they are permitted to design a plan that limits reimbursement to only certain items.
The Department of Labor recently released their inflation-adjusted penalties for ERISA, the Family Medical Leave Act, and the Genetic Information Nondiscrimination Act.
With healthcare premiums continuously increasing year over year, many employers are searching for options to help reduce their benefit costs.
The Employee Retirement Income Security Act (ERISA) oversees group benefit plans, and with the onset of the Affordable Care Act, the ERISA Summary Plan Description (SPD) requirements are in the spotlight.