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| Phone: 520.241.0371 Email: info@eclconsulting.com Address: PO Box 57669, Tucson, AZ 85732 |
E C L C O N S U L T I N G, L L C
QuickBooks, Accounting & Bookkeeping
HRA Administration
What is an HRA?
A Health Reimbursement Plan is an accident/health plan that can also reimburse you for out-
of-pocket expenses.
Who can benefit from an HRA?
Sole Proprietors, S-Corporation Officers (more than 2% shareholder), Employers and
Employees.
Download our HRA Info Sheet to see a list of benefits and tax savings examples.
Why an HRA?
*See the HRA Info Sheet for details.
Is there a DEADLINE to sign up?
If you want to take advantage of the tax savings on premiums paid for 2007 you need to
sign up before the end of the year. Out-of-pocket reimbursement is only allowed as of the
date you implement the plan, so the sooner you sign up, the sooner you can start saving!
What is an HRA?
A Health Reimbursement Plan is an accident/health plan that can also reimburse you for out-
of-pocket expenses.
Who can benefit from an HRA?
Sole Proprietors, S-Corporation Officers (more than 2% shareholder), Employers and
Employees.
Download our HRA Info Sheet to see a list of benefits and tax savings examples.
Why an HRA?
- Reimburse yourself for premiums and out of pocket medical costs free of FICA and
Self Employment tax. - Claim the Self Employed Health Insurance deduction for reimbursed premiums on
your personal tax return*. - Save $2000 or more per year in FICA, Self Employment and Federal income taxes.
- Pay lower premiums with a high deductible plan and still offer your employees great
benefits through tax deductible HRA reimbursement. - Encourage employee participation and retention through accountability and reward.
- Receive reimbursement for out of pocket medical expenses, mileage to and from the
doctor and eligible alternative care costs not covered by your insurance. - Reimbursements are NOT taxable income to you!*
*See the HRA Info Sheet for details.
Is there a DEADLINE to sign up?
If you want to take advantage of the tax savings on premiums paid for 2007 you need to
sign up before the end of the year. Out-of-pocket reimbursement is only allowed as of the
date you implement the plan, so the sooner you sign up, the sooner you can start saving!
