Consumer Choice Plans

Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs)

Assurant Health is an industry leader in making these new concepts of purchasing health insurance available.

HSA

An HSA is a tax-free account designed to help individuals save for qualified health expenses that they, their spouse, or their dependents incur. To own a qualified plan, an individual must be covered by a high deductible health insurance plan, with the minimum deductible guidance established annually by the U.S. Department of the Treasury. An employee or employer can make tax-deductible contributions to an HSA and use them to pay for qualified out-of-pocket medical expenses. The employee owns the account and retains ownership even if employment terminates.

Assurant Health understands the need to provide your valued employees with solid benefits while improving your bottom line. Click on the Health Savings Account link below to learn more about these innovative plans from Assurant Health.

HRA

The HRA is an insurance arrangement an employer can establish that usually has a higher deductible health insurance plan and may contain provisions that reimburse some of the employees’ out-of-pocket medical expenses. Reimbursement can be made via set contributions to an employer-owned account for each employee, or by reimbursing the employee for medical expenses as they are incurred, to a pre-determined maximum. The employer may also choose to not reimburse any employee medical expenses.

Because the employer determines most of the rules for the HRA plan, this method of providing group medical coverage is very popular. Unlike the HSA, if employees terminate and the employer has established a reimbursement account for that employee, the remaining funds, if any, are owned by the business. Click on the Health Reimbursement Arrangement link below to learn more about the HRA plans offered by Assurant Health. 

Health Savings Accounts (HSAs)— Learn how an HSA offers flexibility for the employee and the employer.

Health Reimbursement Arrangements (HRAs) — Learn how an HRA offers the most flexibility for the employer.

Contact

For more information about Assurant Health's plans, please contact your local insurance agent.

back to top ^