HRAs and HSAs

Employer-funded health reimbursement accounts (HRAs) and employer/employee-funded health savings accounts (HSAs) can offset members’ out-of-pocket costs with high-deductible health plans. They can also motivate members to be more prudent in shopping for health care services.

HRA Solutions

Harvard Pilgrim offers integrated HRA solutions with four preferred administrators. We send weekly electronic enrollment and claims files directly to each of them, which helps ensure a seamless experience for employers and members. We have also negotiated preferred terms, developed standard HRA design offerings and implemented troubleshooting and continuous quality improvement programs with each preferred administrator.

HSA Solutions

HSA-eligible health plans offer premium relief to employers and members alike. They also remove the burden of account administration from employers. Employers are allowed (but not required) to contribute to members’ HSAs. Members can use pre-tax HSA contributions to pay for current qualified expenses or make long-term, tax-free investments.

Eligible plans are available to employers located in Connecticut, Maine, Massachusetts and New
Hampshire.

Employers can choose one of three preferred HSA trustee partners:

Harvard Pilgrim has negotiated preferred terms with each vendor. We send them electronic eligibility
files to make it easy for employees to set up their HSAs. Preferred vendors also receive health plan
claims information from us. That way participants can pay providers electronically through their
personal online account and retain records of HSA-eligible medical expenses.

Our preferred vendors offer basic HSA features such as:

  • FDIC-insured cash balances
  • Debit cards for convenient distributions
  • Online banking features, e.g., online bill payment and mobile apps to easily manage funds
  • Annual tax documents

Each vendor offers different combinations of fees (or no fees), fund distribution methods, interest rates and investment options and terms.

Contact your Harvard Pilgrim account executive for more information.