Health Reimbursement Account (HRA)
The Health Reimbursement Account (HRA) is a product that combines a high-deductible medical plan with eligibility for an account that will help cover a portion of your deductible. OneBeacon® will provide incentive funding of $300 per employee and spouse who completes a preventative care exam and online health assessment. This money will be put into your HRA to help pay claims towards your higher deductible. These HRA funds will be used automatically toward payment of your portion of plan expenses.
The money remaining in your account may roll over for you to use in future years as long as you remain enrolled in the HRA plan. There are caps associated with this rollover amount. This account will remain with you while actively working and if COBRA election. If you leave the plan it does not remain with you and any funds remaining are on a "use it or lose it" policy.