While your Health Reimbursement Arrangement (HRA) is designed to be simple, all HRAs are governed by pretty strict rules set by the IRS.
Here are five easy ways to comply with the rules and get the most out of your HRA.
Your HRA covers qualified healthcare expenses for you and your eligible dependents. Eligible dependents include a spouse, children under the age of 26, and children over age 26 who are tax dependents. Domestic partners are eligible if they qualify as tax dependents.
Your employer determines what’s eligible for reimbursement from your HRA. Generally, eligible expenses include medical, vision, and dental care services and products that are medically necessary to treat a specific medical condition, office visits, diagnostic tests, and immunizations. Look up a specific eligible expense, or log into your WageWorks account for a complete list.
The IRS has specific rules for HRAs and you always have to verify expenses with receipts. Save receipts for each eligible expense you submit for reimbursement under your HRA. Make sure receipts include the following five pieces of information:
WageWorks makes it easy to manage your receipts. Take a photo of each receipt and store them in the WageWorks® EZ Receipts® mobile app.
Get reimbursed for your eligible expenses quickly. Use the WageWorks Healthcare Card associated with your HRA at pharmacies, healthcare providers, and general merchandise stores that have an IRS-approved Inventory Information Approval System in place when you check out. Before using your card, always visit the sigis.org site for a list of approved merchants that have an IRS-approved inventory system in place.
WageWorks makes it easy to manage your HRA. Log into your WageWorks account via a secure web portal regularly to check balances, view claims, verify expenses, upload copies of receipts, and more! Sign up to receive text and email alerts so you won’t miss important notices and always know what’s going on with your account.