Individual Coverage HRA: All You Need To Know

An acceptable medical, dental, and vision care expense is one that is covered by a Health FSA (Flexible Spending Account) plan, which is a pre-tax benefit account. It's a clever, easy approach to save money and maintain your family's health.

Individual Coverage HRA

Benefits of Health Care FSA Plan

·         Your taxable income is decreased through pre-tax donations.

·         The simplest way to use tax-free money to pay for regular out-of-pocket qualified medical bills.

·         At the beginning of the plan year, your whole annual Health FSA plan contribution amount becomes immediately available.

·         There is little "use-it-or-lose-it" danger because you can carry over up to $570 of your account balance from one plan year to the next.

·         You have access to a variety of self-service options to manage your Individual Coverage HRA and payment card transactions with ease.

How Does the Health FSA Plan?

Even if the money hasn't yet been taken out of your salary, you have access to the complete election amount on January 1 of each plan year. To access the individual coverage HRA, you must have a qualified medical expense, and during the remainder of the plan year, your deductions will continue to be taken from your salary on a weekly or semi-monthly basis.

You get repaid through your account for any eligible expenses that you, your spouse, or your dependent children have paid. You are not entitled to reimbursement for domestic partner expenses.

Each year, you have until April 30 to file claims for payment for qualified services that you received up through December 31 of the prior plan year.

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