Jan 16, 2020
In episode 220 of Financially Simple, Justin answers a question about having a Health Reimbursement Arrangement.
A listener of the podcast asks, "I am a CPA about to get clients involved in a Spouse-Only HRA - What did you mean in your article 'You must have a health plan to participate,'?" Justin responds, explaining what HRAs are, how they work, and the rules that apply.
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01:08 - Ask Justin: The HRA
01:55 - The Question
02:25 - Hiring a Spouse as an Employee
03:58 - What is an HRA?
05:18 - 1: The Business Sets a Monthly Allowance Amount
10:33 - 2: Employees Buy What Fits Their Personal Needs
11:15 - 3: Employees Submit Proof of Purchase
12:26 - 4: The Business Reimburses Employees
12:50 - Answering The Question
17:09 - Special Rules
19:19 - Summary
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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