Health Reimbursement Accounts Banks Choices
As we have pointed out, HRA plans have been pushed into the background due to the incredible all-out push toward the HSA plans. The tide has been turning now and there are more and more banks who, in addition to their bank health savings account offerings, are offering HRA accounts as well. Indeed, as far as a bank is concerned, the only difference between the accounts is who's money is funding them, and who they belong to.
HSA vs HRA accounts ownership
In the case of HSA plans, the HSA plans are funded by the employee's money and belong to the employee. HRA plans are funded by the employer and their funds belong to the employer.
However, the rules of using the plan are very similar, and require similar management, such as debit card coding for eligible expenses, and/or smart claim processing for paper-based health service cost reimbursement claims.
Therefore there is not much difference between health savings account banks and health reimbursement account banks.
When looking for a HSA bank or a HRA bank always keep in mind that the variety of methods of payment to medical professionals or pharmacies or reimbursements of doctors, such as debit cards, make it easy to pay for health expenses.
Most popular HRA banks
Some of the most popular and better known banks offering HRA account management with HRA account debit cards for eligible employees, are Bank of America, Ceridian, Zion's Bank, US Bank, and Visa. Many other HSA banks are in the process of adding HRA accounts into their mix of offerings as well.
Most banks will offer online account management of your HRA accounts, as well as debit card issuance and health cost reimbursement claims processing. Many banks will also offer convenient online access for HR managers to all current transactions on company's HRA accounts. The access is through a HRA accounts online portal, which can be co-branded for larger corporations.
In addition to banks, there are many smaller benefits companies dedicated to helping businesses establish and maintain HRA plan accounts, and connecting businesses with the banks which provide HRA accounts.
During these economically trying times, in HRA plans, human resources managers have yet another powerful tool to respond to pressures for more savings from the CEO and the board of directors.
Once you have selected HRA bank to work with, and your HRA account administrator, it is time to look into compatible health insurance.
To find medical or dental insurance compatible with HRA plans, and can be purchased directly on the web, see page find HRA health insurance plans.