HRA (Health Reimbursement Account) Being Discontinued – Due to the escalating costs of health insurance, the University can no longer afford the Health Reimbursement Accounts (HRA’s). All HRA accounts will be closed effective December 31, 2016. However, employees will have until February 28, 2017 to file for eligible reimbursements for expenditures that were incurred through December 31, 2016.
Healthcare Reimbursement Account
A Health Reimbursement Account (HRA) is an account funded by Troy University that will reimburse YOU for eligible expenses as determined by the Troy University HRA Plan. You must submit claims for reimbursement for eligible expenses incurred by you, your spouse and/or other tax dependent currently covered by the Troy Health Plan.
How does HRA work?
The HRA plan year begins on January 1st and ends on December 31st.
Employees enrolled in the Troy Health Plan for at least one year are eligible for the HRA.
The HRA will be available to reimburse eligible expenses during your second year of participation in the Troy Health Plan.
The HRA balance is determined by subtracting the total amount of the claims paid by Blue Cross Blue Shield of AL in the previous 12 month period from the beginning balance of $750 (Single Coverage) or $1500 (Family Coverage).
HRA funds will be available in the second quarter of each plan year.
You must maintain coverage in the Troy Health Plan to be eligible for the HRA.
Newly hired employees or new members to the Troy Health Plan after January 1st will have their HRA beginning balance calculation prorated based on the number of months remaining in the year.
Unused funds in your HRA at the end of each year will roll over to the next year to the HRA Max of $1500 (Single Coverage) and $3000 (Family Coverage).
Troy HRA Plan Eligible Expenses:
Out-of-Pocket Dental expenses
Out-of-Pocket Vision expenses
Troy HRA Plan Ineligible Expenses:
Medical Plan Deductibles
Medical Plan Co-pays
Medical Plan Coinsurance
You will need to file all claims by completing a paper claim form.
Completed forms must be faxed and/or mailed to American Benefit
Address: PO Box 163, Irmo, SC 29063