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    #1

    self-insured medical reimbursement plan

    I have a farm, and I file a Schedule F. I have no employees for the farm. I also have a job that pays for health insurance, and I contribute to a HCFSA through this job.

    My question is, can I set up a self-insured medical reimbursement plan and "pay" myself for the deductibles and co-pays that my health insurance doesn't pay for, and that I'm not being reimbursed for through the HCFSA? I am not married, and every example that I can find talks about employing the wife, and then the husband is covered under the wife's plan.

    If so, how do I set one up? Does it just take a written plan that I can find on the internet and sign?

    If I can set one up, I'll be able to deduct all of my out of pocket medical expenses, not just the expenses over 7.5%.

    Thank you.
    Tags: None
    #2
    No

    you can't. HCFSA? What is that? Do you mean Health savings account? If you do this is the method you should use to fund medical expenses expenses not covered by the health insurance plan.

    Comment

      #3
      Sure he can

      >>No you can't<<

      Sure he can. He can do everything he wants exactly the way he says. Well, everything except that last part about deducting it.

      Comment

        #4
        Originally posted by jainen View Post
        >>No you can't<<

        Sure he can. He can do everything he wants exactly the way he says. Well, everything except that last part about deducting it.
        So if I was married, I could pay the deductibles, etc, for my spouse and the family (including me) and deduct it for tax purposes, but since I'm not married I can't take advantage of a Sec 105 plan?

        Comment

          #5
          If your wife was a bonafide

          employee on your farm it could be done.

          I can see your proposal now. Honey marry me and we will have some great tax deductions together!

          You could incorporate and save the money on the ring,

          Comment

            #6
            Section 105

            >>since I'm not married I can't take advantage of a Sec 105 plan?<<

            Section 105 does not require a spouse. It requires an employee.

            Comment

              #7
              105

              So, if a partnership has employees, it can use a 105 plan to reimburse health care expenses of its employees? But, it can't use it to reimburse the partners?

              Comment

                #8
                Exactly. And now it's time to enjoy the holiday.
                Dave, EA

                Comment

                  #9
                  the right way and the wrong way

                  I found this site explaining one that worked correctly and two that didn't.

                  http://edzollars.com/2007-02-17_Medical.pdf

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