Pay
for Your Health Insurance
Through a
Health Reimbursement Arrangement
And
save thousands in taxes every year, guaranteed!
Paying
for your HSA-qualified health insurance plan through an HRA can
save you $3,000 or more every year. In fact, we guarantee
your HRA will save you money, or it costs you nothing.
A
health reimbursement arrangement, or HRA, enables self-employed
individuals to reimburse medical expenses, including health insurance
premiums, from the business as a tax-free fringe benefit.
Instead of taking a deduction for health insurance on your IRS
form 1040, you can now count it as a business expense on your
schedule C!
HRAs
are available to C-corps, S-corps, and Schedule C sole proprietors
whose spouses could work for the business. If you are self-employed,
learn how an HRA can work for you by requesting a copy of our
special report, Section 105 HRA Plans
For The Self-Employed.
Small
business owners with employees can also benefit by establishing
an HRA. Through an HRA you can reimburse your employees
for individual health insurance premiums, which typically
costs less than half of what group coverage does. To learn
more about using an HRA in this way, request a copy of 105
HRA Plans for Small Business Owners.
Section
105 is the part of the IRS code that establishes the rules for
HRAs. While larger companies have used HRAs for years as
a way to manage their healthcare expenses, smaller companies and
self-employed individuals have often been intimidated by the rules
and paperwork involved in setting this up. ColoHealth
is proud to provide a simple an inexpensive solution that will
make the process very easy and enable the "little guy"
to take advantage of this important tax break.
How
to Establish Your HRA
HRAs
are simple to set up, and a cinch to administer. In fact,
we've done almost all the work for you. Using our online
application, you can set up your HRA in about 10 minutes.
When we get your information, one of our HRA advisors will review
it for completeness, and set up the required paperwork - including
an employer/employee agreement, your plan document, and your summary
plan description.
The
form will ask you some questions that will establish an employer/employee
agreement between you and your spouse. This will include
general duties and the number of hours he or she works per week.
It
will also ask you some questions to determine Eligibility Requirements.
So, for instance, you could exclude employees that are under a
certain age, work less than a specific number of hours per week,
work less than 7 months a year, or have been with the company
for less than a specific number of months.
You
will then select which benefits the plan will reimburse.
A list will be presented where you can check off which items you
want to cover, including health insurance premiums, long-term
care premiums, and out-of-pocket expenses.
Within
24 hours of submitting your application, you will receive all
form documents, and a login where you can keep track of reimbursed
expenses. Our partners at 105 Concepts will review all expenses
for you at the end of the year, to make sure you are complying
with all Federal regulations.
Set
Up Your HRA Today
Because
we have automated the process, the cost to set this up has been
reduced to a one time payment of only $297. If you
are setting up an HRA for several employees, the cost is only
$97 per additional employee. We are so confident this
will save you money, we offer a 100% money-back guarantee: we
will refund your money if your taxes are not reduced by at least
twice as much as you paid to establish your HRA.
If
you have any questions, we're here to help. Just use our
contact form and someone will get
back to you with answers to your questions.
