(Q) What is an HRA? Top
(A) A Health Reimbursement Arrangement (HRA) is a plan that is funded by a sponsoring employer and that allows reimbursement for eligible medical expenses. As the cost of providing medical insurance benefits continues to rise, employers are attempting to find creative ways to maintain benefit levels while at the same time attempting to contain costs. An HRA is one way to accomplish these two goals.
(Q) What are considered eligible expenses? Top
(A) Eligible expenses are determined by your employer. If you are not familiar with your company’s HRA plan design, please see your Human Resources representative or contact FlexBank.
(Q) How do I request reimbursement? Top
(A) We want to make it as easy for you to obtain reimbursement. In order to process your request, we must have the information required to make sure your request is for an allowable expense. To assure prompt service, please follow these simple steps.
ALWAYS USE A CLAIM FORM – IT’S SHORT & EASY. You may obtain a claim form from your Human Resources representative or from FlexBank. Make as many copies as you need.
Attach appropriate receipts. Your claim form will explain the types of receipts you will need to submit for reimbursement.
Fax, mail, or scan/email (email@example.com) your claim to FlexBank….or…..
Submit your claim via the FlexBank Mobile. To access the site go to flexbank.net/m on a mobile device with internet access and log in with the same participant username/password that would be used on the main FlexBank.net website. The FlexBank Mobile works on all operating systems such as Apple, Microsoft, etc. NOTE: When trying to load site, do not use the search field. You must enter flexbank.net/m in the address bar.
(Q) Am I able to receive my reimbursement via direct deposit? Top
(A) It’s up to you. You may receive your reimbursement via check or direct deposit. Some employers may require FlexBank reimburse you via direct deposit, similar to requiring direct deposit for payroll.
(Q) How long will it take to make a withdrawal? Top
(A) Reimbursement requests are processed on a daily basis.
(Q) When can I submit requests to withdraw money from my HRA? Top
(A) You may request reimbursement at any time. However, many participants accumulate a number of receipts and submit them all at once.
(Q) Are all taxes avoided on reimbursements from my HRA? Top
(A) Yes. Reimbursements from an HRA are NOT taxable for FICA, Medicare, Federal, State and Local taxes.