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Blue Options HRA Health Insurance North Carolina Quote
Blue Options HRA
The Blue Cross and Blue Shield of North Carolina Blue Options HRA pairs a high-deductible Blue Options PPO SM plan with an employer-funded health reimbursement account (HRA) for out-of-pocket expenses. These plans typically have lower premiums than traditional plans so your company may save money immediately. The HRA helps strike the balance between managing expenses and the cost of the PPO plan. The Blue Options HRA consists of three main parts:
- The HRA: Employers allocate a set amount of money toward an employee ’s HRA. When the employee has an eligible expense, they may receive reimbursement from the HRA. The HRA funds can be used toward satisfying the deductible for their health plan.
- The Bridge: If an employee spends all of the funds in their HRA, they will pay all additional health care expenses out–of–pocket until they meet the PPO plan deductible. After they meet the deductible, they are responsible for any applicable coinsurance. There may be a gap between exhaustion of the HRA fund and the start of benefits from the PPO health plan.
- The Blue Options PPO Health Plan: Once employees meet their deductible, their health care benefits begin, and they will only pay coinsurance amounts. The plan’s out–of–pocket maximum limits total coinsurance expenses. If an employee meets the out–of–pocket maximum, the plan begins paying eligible expenses at 100%. This maximum protects employees from catastrophic expenses.
With Blue Cross’s Auto Pay option, employers can elect to have employees paid directly from the employee ’s HRA, eliminating the need for filing claims for plan expenses. You can also choose a rollover percentage for any HRA reimbursement dollars not spent during the year. You can even add a flexible spending account (FSA) to your benefits plan and decide which funds are utilized first. Blue Cross has designed the Blue Options HRA to be customizable to each employer’s benefits strategy.