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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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.