Forma Announces New Special Health Reimbursement

SAN FRANCISCO, July 11, 2022 (GLOBE NEWSWIRE) — form, the life benefits platform, today announced that it will offer a dedicated Health Reimbursement Agreement (HRA) solution in addition to its current benefits offerings. The newly created Specialty HRA is an account-based defined contribution plan designed to cover specific abortion and medical travel-related health expenses that are not adequately covered by group medical plans.

In response to the Supreme Court’s decision to overturn Roe vs. Wade, many companies are looking for solutions that support employee reproductive health care. Forma’s specialized HRA program for medical travel accommodations meets this market need. This newly launched program offers a solution as part of employer-sponsored benefit programs that can be used to pay for eligible nontaxable medical expenses such as transportation, lodging, and meals, each with detailed eligibility parameters.

“Reproductive care is deeply personal and part of basic health care,” said Jason Phan, CEO and co-founder of Forma. “Forma was founded on the ideals of giving people the freedom to choose. The idea that the decision about reproductive health care is decided by the government, rather than between doctors and individuals, is deeply troubling. All people should have the ability to make their own choices about their bodies and their futures. To support this, we have added a special HRA solution focused on medical travel and accommodation to our health benefits programs to be used to cover costs for those seeking out-of-state abortion services.”

With Forma’s Specialty HRA, employers can present the Medical Travel Accommodation Program as one integrated arrangement, but will need to be aware of the technical distinction between medical and non-medical reimbursements, plan requirements and taxation. Specialty HRA must be employer funded and available only to employees enrolled in a group medical plan. It is important to note that special HRAs have specific eligibility and eligibility requirements for the program. Forma is HIPAA compliant and follows the obligation to be a third party administrator to manage HRA operations and compliance.

Forma provides implementation and administration services for HRA’s special medical travel accommodation program, which includes program design, Human Resources Information System (HRIS) demographic file for program eligibility noting employees enrolled in group medical plans, secure file transfer protocol (SFTP) tax file sent to employers, plan documents and additional non-discrimination test.

The Flexible Living Company has always been at the forefront of responding to critical world events. Forma was one of the first relief providers to set up emergency relief accounts to help employees cope with the devastation of storms like Sandy and Katrina. The company was also the first to help workers during wildfires in Colorado, California and Oregon. And when COVID-19 hit US shores, the team responded just as quickly.

For more information visit www.joinforma.com/life-benefits.

About Forma
Forma (formerly Twic) is a benefits platform that enables modern companies to design and scale flexible, global benefits programs with options that fit employees’ lives, from health and wellness to lifestyle – and beyond . Founded in 2017 by Jason Fan, CEO, and Max Hsieh, CTO, the company works with hundreds of industry-leading customers, including Zoom, Twitch, Stripe, Allbirds, Splunk, Palo Alto Networks, Dropbox, Lululemon and Block to revolutionize their HR programs. Backed by investors like Ribbit Capital, Emergence Capital, Stripe, Upside Partnership, Designer Fund and AngelPad, Forma is building the future of flexible benefits. For more information visit joinforma.com.

Media contact:
Sami Tota
BOCA Communications for Forma
[email protected]

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