Whether you are a doctor or a patient, navigating the world of health insurance is by no means an easy feat. There’s a lot to review and a lot to understand. HRA insurance adds yet another factor to the mix. Commonly referred to as a health reimbursement arrangement, this is a system that can offset your out-of-pocket spending in multiple areas. Following are some things you need to know about HRA insurance, including the many benefits it can provide.
HRA Insurance Can Cover a Number of Qualified Medical Expenses
An HRA is a health reimbursement account that’s funded by a third party. This is usually a consistent, annual contribution that can be used to pay for things like deductibles and co-pays. HRAs can be paired with just about any health insurance plan to make using this coverage far less costly to the policyholder. Not only does HRA insurance offset out-of-pocket spending for the doctor, but it also gives consumers the ability to consider a much broader range of plan types.
How HRAs Work
With an HRA, a specific amount of money is set aside for a patient to use for qualified medical expenses each year. The primary difference between an HRA and most other health spending accounts is that the third party will be the sole party funding the HRA. No other parties will be authorized to make HRA contributions.
Every HRA comes with an Explanation of Benefits or EOB that outlines the terms and conditions of this agreement. For instance, the EOB will state whether or not policyholders will maintain access to their HRA benefits. It will also state the duration of this continued access.
Additional Considerations About HRA Insurance
As a healthcare provider, you owe it to yourself to do everything you can to make sure that your patients are your top priority. Dealing with the insurance and financial aspect of your practice should not have to be stressful for you. This is where the team at Advanced Reimbursement Solutions can help. We are experts concerning all things HRA insurance, and we can help you take your practice to the next level, which will ultimately benefit both you and your patients.