MEDICAL & HEALTH CARE REIMBURSEMENT ACCOUNTS FROM TRION'S fsa SOLUTIONS
Often referred to as a Medical Reimbursement Account, Medical Flexible Spending Account or Health Flexible Spending Account, this account allows employees to use pre-tax dollars to pay for eligible medical and dental expenses that cannot be reimbursed through insurance or any other arrangement. The HCRA can reimburse the employee for eligible health expenses incurred by the employee, the employee’s spouse and his or her dependents. An individual HCRA is established for each participating employee and is used to track the annual election, year to date contributions, claim reimbursements and the employee’s available balance. As claims are reimbursed the annual election is reduced to reflect the available account balance.
Health Care Debit Cards
Trion may also issue you a medical debit card from which all eligible expenses may be paid. The use of a medical debit card not only facilitates the process by eliminating the need to wait for reimbursement but also automates certain IRS substantiation requirements. This means less paperwork and hassle for you! A medical debit card is quickly becoming one of the essentials for any health care reimbursement account.
As far as eligible expenses are concerned, Health Care Reimbursement Accounts cover a large list of items and services for which an employee can seek reimbursement. Some examples include:
- Insurance deductibles and co-pays.
- Prescriptions and eligible over-the-counter drugs
- Dental and orthodontia services including braces
- Durable medical equipment
- Psychiatric services
- Vision exams and eye care including laser surgery
» Click here for a comprehensive list of eligible health care expenses that can be purchased with a health care reimbursement account.
» To learn more about additional flexible spending account options, please continue reading about Trion's Flexible Spending Account solutions, or request a proposal.