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 what rules 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 Fit 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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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.