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The rising cost of health care has become a barrier to small business owners succeeding in today’s busy marketplace. While there is no method to completely eliminate health care concerns, there is a way to save thousands of tax dollars each year. The BASE® Health Reimbursement Arrangement (HRA) is a simple, yet effective solution to greatly diminish the barriers created by the high costs of health care. Our clients average $3,800 in tax savings with their enrollment in this reimbursement plan.
With the history of the HRA
rooted soundly in tax code Section 105, small business owners who qualify are able to take advantage of tremendous tax savings by deducting up-to 100%
of qualifying medical expenses and health insurance premiums. More
often than not, small businesses only take the standard deduction
offered on Form 1040 for their self-employed health insurance costs.
Enrollment in the HRA gives employers the opportunity to deduct both their premiums and qualified out-of-pocket expenses on their business tax return.
In addition to the savings,
BASE® provides you with peace of mind by making
sure that your HRA adheres to all current government regulations. During the Employee Medical Expense Report (EMER) process, all medical expenses are adjudicated to ensure deductibility as required by law per your individual plan parameters and under IRS Code § 213.
Taking advantage of your Health Reimbursement Arrangement is simple. We provide comprehensive service and support, and our
web tools make it easy for you to document your employee medical reimbursements. We'll send you a report at the end of each tax year, verifying your deductible HRA expenses for your tax return.
The Section 105 HRA is the ultimate tool for small businesses with 1-3 employees looking to control the skyrocketing costs of health care. If your company has 4-99 employees, the
BASE® HRA + provides business owners with tax savings while giving their employees additional benefits. Browse our eligibility section or contact us today to find out if you qualify and learn how this valuable tax savings plan can start working for you!
NOTE: Insurance regulations may prohibit the reimbursement of health insurance premiums in your state. For additional details, please contact a BASE® Benefit Specialist.
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