Are you deducting your medical costs, including health insurance premiums?
Health Reimbursement Arrangements or Health Reimbursement Accounts, commonly known as HRAs, have been around since the 1950s. They are versatile and affordable, and can be implemented by Schedule C taxpayers (sole proprietors), S corporations, partnerships, and even non-profit groups.
These affordable and flexible plans can reimburse business owners and employees for costs of:
- Health insurance premiums
- Out-of-pocket medical expenses
- Dental and eye care
- Life and long-term care insurance
- Mileage to and from the doctor’s office
Health Reimbursement Arrangements are great plans for the small business owner.