A Retiree Health Reimbursement Account (RHRA), is a tax-advantaged account the university will establish for you. It will be administered by BusinessPlans, our flexible spending account administrator. For the next three years, beginning with the first month following your retirement, the university will credit your RHRA with $5,0003 no later than:
- July 31, 2020, or
- August 31, 2020 (with approved summer teaching)
You can use the money in the account to pay for eligible healthcare expenses, such as healthcare premiums (after-tax) and medical, prescription drugs, dental and/or vision services for you and/or your current eligible dependents.
Funds remaining at the end of the year will roll over and can be used in future years. At the end of the three-year period, you will have an additional three months to submit reimbursements. Funds remaining after three years and three months will be forfeited. For a list of eligible expenses, please refer to IRS publication 502, which can be found at https://www.irs.gov/pub/irs-pdf/p502.pdf.
Per IRS guidelines, individuals covered by a High Deductible Health Plan (HDHP) and an RHRA are not permitted to make contributions to a Health Savings Account (HSA). Although, you can continue to access funds in your HSA.
Who Can be Covered on Your RHRA? Yourself and if applicable your eligible spouse and/or dependent children (up to age 27) as of your separation date. You will be required to enroll these individuals in the FVRIP election materials.
Submitting a Claim is Easy!
- Pay for the eligible expense and keep your receipt (if applicable).
- Complete a RHRA Claim Form (PDF).
- Submit your claim form along with your receipt, insurance Explanation of Benefits (EOB), pharmacy prescription history via mail, fax, email or online.
- BusinessPlans will reimburse you for your eligible expenses via direct deposit.
2BusinessPlans will assess a monthly $3.50 administrative fee which will be deducted from your account balance at the beginning of each year.
This information provides details of the Faculty Voluntary Retirement Incentive Program available from Wright State University. More complete information about the offer can be found in the official plan documents. If there are any differences between this information and the official plan documents, the official plan documents shall govern.