Why use GroupHRA vs other HRAs?
GroupHRA is the leading administration platform for Health Reimbursement Arrangements (HRAs.) It is distributed by leading health insurance carriers, payroll providers, and financial service institutions. See What is GroupHRA?
What’s wrong with carrier-embedded HRA or TPA solution?:
- Carriers use their HRA to lock employers into their Group Insurance Policies
- Employers change group insurance carriers on average every 3-5 years.
- If an employer changes carriers, they lose the HRA.
- Carrier-embedded and most TPA HRAs do not allow personal policy reimbursement for those who opt-out of the group plan.
- Some employees cannot afford to include their spouse or children on a group plan while they can afford to include them on a separate family plan.
- Carrier-embedded and TPA HRA solutions have limited HRA plan design flexibility and typically cannot vary benefits by employee class.
- Most carrier-embedded HRAs can only reimburse for "EOB" (Explanation of Benefits) items that would have been paid by the health insurance policy and fully count against the annual deductible.
- Carrier-embedded HRAs do not have their own benefits claim-reimbursement platform, they merely piggyback onto the carrier's dated paper-based existing claims system.
Why employers should choose GroupHRA:
- Employers keep GroupHRA regardless of insurance carrier, allowing easy transitions between group carriers and/or to personal health policies.
- GroupHRA allows personal policy reimbursement for those who opt-out of the group plan.
- Employers open and manage their GroupHRA completely online, electronically enroll participants and print welcome kits, and monitor expenses and reimbursements in real-time.
- Employees submit medical expenses online, via fax, or mail, and receive same-day reimbursement via check, payroll addition, or direct deposit.
- GroupHRA has hundreds of patented features that cannot be legally supplied by any other HRA provider.