PriorityMRA: HRA for self-funded employers
Gives the self-employed the same advantages of a health reimbursement arrangement
PriorityMRA features & advantages
- For self-employed individuals, including:
- Partners
- Members of an LLC 2%
- S-corp shareholders
- Reimburses either the deductible or deductible plus coinsurance
- Similar to an HRA, but doesn't fall under IRS regulations for HRAs
- You choose:
- How much you contribute
- What expenses can be covered (deductible and/or coinsurance)
- When the MRA will kick in
- Can't roll over from year to year - funds must be used up during the plan year
- Set up the same as an HRA
PriorityMRA plan administration
Self-employed individuals who participate need to include the MRA "premium" cost (the COBRA premium) as income or MRA benefits received will be taxable
The self-employed can deduct the premium as a business expense (as an above-the-line deduction) on their income tax
