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 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 visiting our Section 105
HRA Plans For The Self-Employed page.
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.
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. At the end of each year you can log in to prepare your Annual Benefit Statement, which shows the total of your tax-free benefits for the year. This can then be handed to your CPA for tax filing.
Set
Up Your HRA Today
If you pay income and self-employment taxes, and if you qualify, an HRA will keep more of your money in your pocket. Because we have pooled thousands of business owners and automated the process, the subscription cost for establishing and maintaining your HRA is only $39.95 per month. The usual $195 setup fee is waived for anyone who has health insurance coverage with ColoHealth. If you are covering any additional employees, the subscription is an additional $19 a month per employee. Employees can be added or dropped at any time.
We are so confident this will save you money, we offer our HRA Tax Saver 100% Money-Back Guarantee:
We
will cheerfully refund your money if your taxes are not reduced by at least
twice as much as you pay for 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.
