How the HRA 105 Plan Can Save You Money

Are you a small business owner? Are you looking to save money on your health insurance? If so, the HRA 105 Plan can help! This article contains all the information you need to make a decision on whether or not this plan is right for your business.

What is an HRA 105 Plan?

The term "HRA" stands for "Health Reimbursement Arrangement." An HRA 105 plan is a reimbursement account. It's funded by your employer (not you), but you can use the funds in it to pay for qualified medical expenses, such as health insurance premiums or dental/vision care.

Essentially, the HRA 105 plan is a way to save money on taxes while making sure you have access to your medical and healthcare benefits.

How Does it Work?

The HRA 105 plan works by having an employer set aside a fixed amount per month (per employee) to cover the cost of medical expenses. Typically, this is a set amount that doesn't vary from month to month, though if your employer chooses they can make it so the reimbursement value increases each year.

Any eligible healthcare expense can be reimbursed under the plan, including doctor's appointments and dental work. However, it doesn't include premiums paid for insurance coverage or any other non-healthcare expenses like gym memberships.

In practice, your employer will provide you with instructions on how to submit your claims—often through an online portal or mobile app—which you'll do after paying out of pocket for eligible medical expenses. Claims are typically processed within a few days (sometimes within 24 hours!), and you'll receive reimbursement directly in your bank account. It's as simple as that!

Do I qualify for this plan?

The HRA 105 Plan is available to any self-employed individual or business owner with no employees. If you are unsure whether you qualify for this plan, contact Triton Health Plans and we'll help you assess your eligibility.

How Much Money Can I Save?

You can save thousands of dollars a year in out-of-pocket expenses with the right HRA plan. Let's look at some examples. For example, if you have epilepsy and go to the doctor every month, get multiple prescriptions each time, and must sometimes have tests like CT scans or MRIs done, your out-of-pocket costs could be huge. These plans let you roll over unused funds from month to month so that you can use them when you need them most; they also offer more comprehensive coverage that may let you avoid paying for services like CT scans or MRIs altogether.

And if you're not sure whether your current health plan is saving you money, this type of account could help by covering things that aren't normally covered by your insurance provider. However, it won't cover everything; for example, it won't cover dental expenses such as checkups or cleanings unless they're necessary to prevent a medical condition from developing or worsening—and even then only certain types of cleanings will be covered. The HRA does cover most diagnostic imaging procedures though—so if something shows up on an exam like an MRI or PET scan then it may be covered under this plan! The bottom line is that these accounts can save people hundreds (if not thousands) of dollars per year while offering more comprehensive coverage than what they had before signing up for one!

Additional Factors to Consider

You may be considering a health or dental plan, or you could already have one. You might want to switch plans if your premiums increase because they're likely to do so in the near future.

If you don't have any medical conditions, you'll probably save money by switching from a comprehensive plan with a high premium to an HRA 105 plan. If you have medical conditions, however, you should make sure that your benefits are sufficient for your needs.

If you're paying for a comprehensive health or dental plan, consider switching to an HRA 105 plan. If your employer is not offering one of these plans, speak with them about implementing one.

Why you should get the HRA 105 Plan through Triton Health Plans

Is an HRA 105 right for you? Only you can answer that question. But given the potential to save thousands of dollars per year, it's a question worth asking. You should consider the HRA 105 if:

• You're self-employed or run a business with fewer than 50 employees

• You're looking to control costs, while still providing full coverage for your employees (or yourself!)

• You want a simple and convenient way to offer health insurance coverage

If this sounds like you and/or your business, then Triton Health Plans is here to help. As one of the most reputable companies in the field, we pride ourselves on our customer service and expertise in helping people navigate their options for health insurance coverage. Contact us today!