Health Reimbursement Accounts
Updated to reflect the minimum value percentage and pay or play penalties for 2021; under review in relation to legal developments regarding the Consolidated Appropriations Act, 2021.
Effective January 1, 2020, employers will be able to use a new "Individual Coverage HRA" (ICHRA) to reimburse employees for their premiums for individual health insurance coverage on a tax-preferred basis, subject to certain conditions.
Under the 21st Century Cures Act, a small employer that has fewer than 50 full-time employees (including full-time equivalent employees) and that does not offer group health insurance to its active employees may provide stand-alone qualified small employer health reimbursement arrangements (QSEHRAs). An employer may use this model notice to fulfill the annual notice requirement.
Employment glossary definition of HRA (Health Reimbursement Arrangement).
HR guidance on the benefits of Health Reimbursement Accounts for employees and employers.
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