My Financial Wellness: Health Reimbursement Account (HRA)

Health Reimbursement Account (HRA)

What is a Health Reimbursement Account (HRA)?

An employer-funded account to bridge the gap on eligible healthcare expenses.

This account is created for you only if you are enrolled in an HSP and are NOT eligible for an HSA, or are enrolled in the Hybrid Engagement Plan.

Funds will carry over year to year, if you remain enrolled in the HSP and are ineligible for the HSA, or Hybrid Engagement Plan.

What are the main benefits of the account?

• Receive company contributions to pay for eligble health expenses when you are not eligible for an HSA, or are enrolled in the Hybrid Engagement Plan

• Rollover your funds and keep it year after year (as long as you remain enrolled in an HSP or Hybrid Engagement plan).

• Eligibility

  Who is eligible?

  Colleagues regularly scheduled to work 30+ hours per week and enrolled in the Hybrid Engagement Plan or an HSP and are NOT eligible for an HSA.

• Account details

  Who owns the account?

  CVS Health

  Who can contribute to the account?

  CVS Health

  Who can the account be used for?

  Self, Spouse and any tax dependent (spouse and/or tax dependent must be covered by your medical plan)

• Contribution details

  What is the annual IRS contribution limit for 2024 plan year?

  You cannot contribute your own funds into an HRA.

  How much does CVS Health contribute?

  For HSP plans - $500 Individual, $1,000 Family

  For Hybrid Engagement Plan - $100 Individual, $200 Family

  Note: The annual contribution amount is based on a 06/01 medical plan effective date and is deposited at the beginning of the plan year. If you enroll mid-year, your employer contribution will be prorated.

  When can I adjust my contribution?

  This account allows only for employer contributions

  Can I carryover the account balance?

  Yes - As long as you remain enrolled in the Hybrid Engagement Plan or an HSP medical plan and are not eligible for an HSA.

• Spending details

  Do the funds expire?

  No - As long as you remain enrolled in Hybrid Engagement Plan or an HSP medical plan and are not eligible for an HSA.

  When can I start using my funds?

  CVS Health's contribution is available at the start of the plan year.

  Your Well-being rewards are available to spend when they are deposited into your account.

  Note: Funds are first used for eligible expenses incurred during the current benefit plan year. If you remain enrolled in the HRA the following benefit plan year, any unused funds from the current year will rollover and be available for use during the following year.

  What expenses are eligible?

  Eligible medical, prescription, dental, vision, and over-the-counter expenses.

  View the full list of eligible expenses on inspirafinancial.com

  Do I receive a debit card?

  Yes

  How do I access the funds?

  • Use the Inspira Financial debit card at the time of service or;

  • Use online bill pay to pay your providers directly or;

  • Reimburse yourself for out-of-pocket expenses through the Inspira Financial mobile app or website via check, or ACH transfer funds directly to your bank account

• Tax details

  Do I need to submit documentation for an expense to Inspira Financial?

  Yes - An itemized receipt or Explanation of Benefits (EOB) from your insurance provider is required when you submit a claim.

  Note: You may also have to provide documentation to verify a Inspira Financial Card purchase.

  Are the distributions tax-free?

  Yes

  Are the earnings tax- free?

  N/A

• Savings and investments

  Does the account provide long-term savings?

  Yes - In that the plan has a rollover feature as long as you are enrolled in the Hybrid Engagement Plan or in the HSP and not eligible for the HSA.

  Can I invest the funds in the account?

  No

  If I leave the company, can I take my account with me?

  No

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