A health reimbursement arrangement (HRA) is a tax-advantaged benefit provided by employers to help employees cover medical expenses and insurance premiums. Unlike health insurance, HRAs offer employees a monthly allowance of tax-free funds that they can use to purchase healthcare services, including insurance. Employers then reimburse employees for eligible expenses up to the agreed-upon allowance amount. This arrangement is beneficial for both employers and employees, offering flexibility in healthcare coverage and allowing small businesses to provide valuable benefits even without offering traditional group health insurance.
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