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Tennessee Health Insurance Works Better With Health Reimbursement Arrangemen

Tennessee Health Insurance Works Better With Health Reimbursement Arrangemen

As the years passed, the portion that some people paid for medical care significantly declined

. People used to handle 50 percent of their health care costs. Nowadays, government branches, employers and Tennessee health insurance companies pay for enough care that some people only pay about 15 percent of their medical care.

Managed care Tennessee health insurance plans and accounts were set up in an attempt to limit the ability of patients and health care providers to spend third-party health insurance money. However, as their share for health care costs decreased, so did their interest and power to make their own health care decisions.

Consumer-driven health care has paved the way to bring back patient power by allowing consumers to control a greater portion of their healthcare spending. This means that with every health care decision they make, they need to be prepared for the financial consequences that come along with it.

Health Reimbursement Arrangements Increase Consumers Interest In Health CareTennessee Health Insurance Works Better With Health Reimbursement Arrangemen


A Health Reimbursement Arrangement (HRA) is a type of consumer-driven personal account wherein employees are allowed to pay directly for health care. Employers are legally allowed to reimburse their employees for qualified medical care expenses as well as Tennessee health insurance premiums. Just like Individual Retirement Accounts (IRA), HRA funds roll over every year and grow tax free according to the June 2002 Internal Revenue Service (IRS) revenue ruling. This IRS ruling places HRA spending on an even playing field with third party payments.

Employees with a Health Reimbursement Arrangement Account can decide when they plan to use HRA funds for qualified medical expenses not covered by their Tennessee health insurance plan such as vision and dental care. Employers get to reimburse these expenses once a claim form and receipt of medical expenses are submitted. You may reimburse the expenses immediately or at a later time.

Health Reimbursement Arrangements Allow Greater Flexibility

Whether you own a big or small business, you are allowed to set up an HRA program. The accounts are not a taxable employee benefit. However, the contributions you place in the employee's accounts are tax deductible. With HRAs, employers are given greater flexibility in designing the benefits that employees receive. For example, HRAs may accompany any type of TN health insurance plan or none at all. You get to decide how much you will uniformly contribute to each of your employee's HRA account. Your employees will be given the power to use these tax-free HRA funds to pay for health care expenses or Tennessee health insurance premiums.

Employers are also given the flexibility to adjust the benefits received by employees depending on their medical needs. HRA contributions can be adjusted to suit the employee's age, medical risk or seniority. Co-payments and deductibles may even be reimbursed and altered to encourage the workers with chronic illness to buy prescription drugs.

If the HRA plan allows it, retired employees of the company may continue to receive contributions from the company that they can use to pay for TN health insurance premiums and incurred medical bills during retirement. However, HRA funds can only be used to pay for qualified medical expenses. Withdrawals for non-medical purposes are not permitted.

by: Wiley Long
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