NASE Health Blog

Advice and information on small business health insurance coverage.

How Much Can I Save On Health Costs?

Monday, June 18, 2012

Posted by Keith Hall (NASE National Tax Advisor) - I have been fortunate enough over the last 10 years or so to travel all over the United States talking to small-business owners. We have conducted hundreds of seminars and webinars helping thousands of small-business owners with just one more question. We learned that most of the questions fall into one of four categories, Taxes, Access to Credit, Getting more customers, and How can I save on health care.

This last group of questions may seem to be the odd man at the table, but the affordability of health care continues to be a source of concern, and even fear, for almost all small-business owners. Even worse, these questions seem to be the most difficult ones to answer since the issues that we each face can be so different. We all have a different medical history and medical futures. Some of us have a spouse with some coverage at their job. Many of us have kids to cover and maybe even parents or other dependents. It may sound weird but it is usually a lot easier to answer a complicated tax code question than to help someone with their health insurance.

I think that is why I am more and more convinced in the benefits of a Health Reimbursement Arrangement, or HRA 105 plan. Regardless of your health condition, the type of policy you have, your marital status, how many kids you have or any other factor, you as a small business owner can benefit by adopting an HRA 105 plan. The bottom line is that all of your medical expenses can become fully tax deductible under these plans as opposed to only a small portion or none of them FULLY deductible. This is the single most powerful tool we have to reduce the cost of health care.  Regardless of what happens in Washington, D.C. over the next few years, the HRA 105 plan will continue to be that most powerful cost savings tool. How much you can save will certainly depend on your specific situation, but if you have questions about health care and about how to reduce your family’s cost for health care, the best answer most likely is the HRA 105 plan.

Take some time to look into it. Google “HRA 105 Plan” and read what the experts say. When it is time to adopt your plan, log onto NASE.org and review the documents that are free with your NASE membership. 

You have waited long enough. Start reducing the cost of health care today! 

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