Understanding your Retiree Health Reimbursement Arrangement (HRA)
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
What is a Retiree HRA? • Interest-bearing retirement account in your name • Employer deposits money
• Money invested in a fixed annuity* • Credited interest rate is guaranteed not to fall below 1.75% through 2016**
• Use for medical expenses and premiums
Guarantees are subject to the claims paying ability of American United Life Insurance Company. * American United Life Insurance Company’s unallocated group Fixed Annuity. **Not FDIC insured. Based on the claims-paying ability of the investment provider.
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Why Use an HRA to Pay for Medical Expenses and Premiums? • Contributions not taxed! • Distributions not taxed! • Interest is not taxed!
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
How the Tax Savings Work Paycheck
HRA
$10,000 (Sick Leave)
$10,000 (Sick Leave)
- $765 (FICA Tax)
- $0 (Tax)
- $2,500 (Income Tax)
= $10,000
= $6,735
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
HRA: Your Rainy Day Fund • If you need it, it’s there • If you don’t need it, it rolls over every year • And grows…tax-free • Expenses do not expire- you can submit expenses incurred after you became eligible to participate in the plan at any time
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
What medical expenses and premiums are eligible for reimbursement with my HRA? • • • • • • • • •
Physician visits Prescription medication Dental care Nursing home care Eye care Co-pays or deductibles Medical insurance premiums Etc… Visit www.MidAmerica.biz for additional details
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Qualifying Medical Insurance Premiums • Health, Dental, Vision and Long-Term Care Insurance • Medicare and Medicare Supplements • Individual Policies on the Exchange • Employer-Sponsored Group Health Coverage
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Who qualifies for reimbursements? • You • Spouse • Qualifying dependents
• Surviving spouse & qualifying dependents
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Online Claims • • • • • • •
www.MidAmerica.biz Go to Reimbursement tab Click on the link Follow prompts Upload documentation 7-10 days for reimbursement $2.50 fee for each reimbursement capped at 6 distribution fees per year
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Paper Claims • •
• • • •
Claim Form Use Recurring Claim Form for monthly premium reimbursements Include receipts or other documentation Mail or fax 7-10 days $5.00 fee for each reimbursement capped at 6 distribution fees per year
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
What type of documentation is needed for premiums? •
Premium Notice from your insurance company, which includes: • Premium amount • Effective date of coverage • Name of insured – you, your spouse, or another qualifying dependent
•
Insurance premiums must be paid before reimbursement
•
Submit monthly Attestation Form for recurring payments
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
What type of documentation is needed for medical expenses? • Explanation of Benefits (EOB) • Co-Pay receipts • Invoices if no insurance • Reimbursement can be requested before medical expenses are paid
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
Have Questions? •
See the FAQ
•
Visit the following sites to view education videos:
What is an HRA: https://www.youtube.com/watch?v=a-svhrY81p0 How to get an HRA reimbursement: https://www.youtube.com/watch?v=FbFhjRuZ0pU
•
Address change, claims, forms, statements, account inquiries:
[email protected] or 855.329.0095
•
Send all forms to: MidAmerica Administrative and Retirement Solutions Attn: HRA Department P.O. Box 24927 Lakeland, FL 33802 Fax: 863.577.4460 Email:
[email protected]
•
For investment or plan information related questions, contact your National Insurance Representative: Name: Caitlin Herdeman Phone: 800.627.3660 Email:
[email protected]
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
All group variable annuity contracts are issued by American United Life Insurance Company® (AUL), One American Square, Indianapolis, IN 46206-0368, 800.249.6269. Registered group variable annuity contracts are distributed by OneAmerica Securities, Inc., Member FINRA, SIPC, a Registered Investment Advisor, 433 N. Capitol Ave., Indianapolis, IN 46204, 877.285.3863. MidAmerica and National Insurance Services are not affiliates of American United Life Insurance Company® (AUL) or OneAmerica Securities and are not OneAmerica companies. Neither American United Life Insurance Company® (AUL), OneAmerica Securities, Inc. nor their representatives provide tax or legal advice. For answers to your specific questions, please consult a qualified attorney or tax advisor.
Products and financial services provided by American United Life Insurance Company®, a OneAmerica® company.
