September 18, 2014 by Tony Novak
Aetna has a short multimedia production on the benefits of a Health Reimbursement Arrangement (HRA). The program effectively outlines how this specific plan works in the larger companies that Aetna targets, but not necessarily how most HRAs work in most of the smallest companies. The clients of Freedom Benefits tend to request low cost HRAs without all the features advertised by Aetna. Here are some of the differences:
1) Aetna HRA integrates with Aetna insurance. Freedom Benefits HRAs operates independently from insurance (although benefits are integrated).
2) Aetna HRA rolls over unused benefits to the next years. Freedom Benefits HRAs allow employers to choose this option or to realize savings to improve their own cash flow.
3) Aetna HRA uses the same claim administrator and claims process as the insurance plan. The majority of Freedom Benefits are very small companies that administer their own HRA plan claims.
4) Aetna HRA utilizes an online benefit management portal. Freedom Benefits plans rely on email notifications and manual administration.