What if we told you that you could save an average of $5,100 on your taxes every year by using a simple and straightforward health expense approach? A Health Reimbursement Arrangement Plan can do just that.
What is a Health Reimbursement Arrangement (HRA)?
A Health Reimbursement Arrangement (HRA) is a Section 105 Plan that enables you to take 100% of your family’s medical expenses as a business tax deduction, instead of a personal deduction. This arrangement plan can save you a considerable amount of money on your federal, state, and self-employment taxes.
Using the HRA, you can write off medical expenses for your family, including braces, vision, and dental expenses. The Health Reimbursement Arrangement Plan can also be used for any out of pocket expenses or premiums.
Using this strategy, the average client saves approximately $5,100 per year on their taxes using the HRA.
How do you get a Health Reimbursement Arrangement (HRA)?
In order to participate in a HRA plan, you must work with a third-party company. These companies, which typically specialize in handling medical deductions for self-employed clients, offer compliant Health Reimbursement Arrangements.
With the HRA, you benefit with:
- Updated plan documents that comply with new and changing Patient Protection and Affordable Care Act requirements and repeals
- IRS, Department of Labor, and ERISA compliance
- Industry exclusive Audit and Money Back Guarantees
- Debit card, which allows for easy payment and medical expense tracking
Have questions about Health Reimbursement Arrangements? We can help. Contact get-benefits today to learn more.