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What are Key Terms for Health Reimbursement Accounts?
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Health Reimbursement Account Terminology
- 90 day runout: 90 days is the amount of time that an employee will have from the plan end date or termination date to submit claims for eligible expenses incurred during the plan year.
- Administrator: The point of contact at the company responsible for making decisions and managing the company's Health Reimbursement Account offering.
- Claim: Reporting of an eligible service or expense to receive credit and/or reimbursement in conjunction with one's allowed benefit.
- Contribution: The amount of money that an employer delegates to be deposited into their employees' Health Reimbursement Accounts.
- Eligible Expenses: Purchases or services defined by the IRS that receive the tax benefits of an HRA.
- Health Reimbursement Account (HRA): Allows an employer to contribute pre-tax dollars to an account that can be use to reimburse employees for certain out-of-pocket medical expenses.
- IRS Section 105: An IRS regulation allowing for reimbursement of medical expenses under an employer-sponsored health plan.