Health Reimbursement Account (HRA)
If you are enrolled in the HRA Medical plan, a Health Reimbursement Account (HRA) will be provided and is owned by M/I Homes.
The HRA automatically pays for eligible medical expenses before you are responsible for paying. Prescription drug costs are not covered by the HRA and are not applied to the deductible.
Company contributions are made into the HRA annually in the amount of $500 for individual coverage and $1,000 for all other coverages. HRA accounts are funded on a prorated schedule based on your benefits effective date.
Carrying Over HRA Funds
If you have unused HRA dollars in the account at the end of year, the HRA dollars carry over up to a balance cap of $4,500.
| Benefits Effective Date | Percent of Employer-Funded Contribution |
|---|---|
| January 1st | 100% |
| January 2nd – March 31st | 75% |
| April 1st – June 30th | 50% |
| July 1st – September 30th | 25% |
| October 1st – December 31st | 0% |
This Benefits Website provides general information for our benefits-eligible employees; however, more detailed information is available within the plan documents and legal contracts between our company and the insurance providers. In case of any discrepancy between this Benefits Website and the plan documents, the plan documents always govern and determine your exact benefits. In addition, the company reserves the right to modify or terminate any benefit plan at any time. Benefits are not a guarantee of employment.