Benefit Spotlight: HRA

How An HRA Works
The HRA is 100% funded by your employer. You pay nothing towards this account and the amount is not counted in your taxable income. Each year, your employer will allocate a certain dollar amount to an HRA account in your name. You will have the choice of using the account balance tax-free for any eligible medical expense you choose – including deductibles, copays, coinsurance, etc. If, at the end of the plan year, you have not used the entire account balance, you can roll that amount into the next year. In 2024, Artcraft will contribute:

• $2,500 for single coverage or $5,000 for all other coverage levels

AND

• Employees covered under the medical plan that submit proof of receiving a physical will earn an additional $500, plus an additional $1,000 for all dependents over the age of 18 receiving a physical

Why take advantage of this benefit?
Free Money: First and foremost, the most important reason you need to take advantage of the HRA is because it’s free money! It’s an account funded solely by your company to give you money. There are no payroll deductions. Tax Savings: You will not pay any taxes on the money you receive from the HRA. Freedom to choose: You decide where and when to spend your HRA dollars. You are free to choose providers and shop for the best prices. For example, you (not the plan) decide whether to select generic or name brand drugs.

To learn more about your HRA, click here.