| Horizon MyWay HRA |
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Horizon MyWay HRA combines a high-deductible health plan with a Health Reimbursement Arrangement (HRA). This product strikes a balance between coverage, cost, and increasing demands for freedom of choice.
HRAs are employer-funded accounts, which means that the employer makes payments into each HRA fund. Employees can then use their HRAs for all qualified medical expenses, including deductibles. Once an employee depletes her/his HRA, there may be a gap or bridge amount that must be paid before the deductible is met. However, once the deductible is met, regular coverage kicks in.
Money in an employee's HRA at the end of the year may be carried over to the following year if the employer elects to offer that option. Otherwise, unused funds are returned to the employer.
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