Review our AgriplanNOW BizPlanNow F.A.Q.’s
Who qualifies for AgriplanNOW BizplanNOW?
To qualify, a business owner filing as a sole proprietor must be able to legitimately employ their spouse who becomes an employee in the business (for S & C Corporations family employment is not necessary). The business owner provides a reasonable taxable wage and files certain IRS forms and AgriplanNOW BizplanNOW’s administrative services assist with IRS, DOL and ERISA compliance issues while maintaining a custom- designed benefits plan. With AgriplanNOW or BizplanNOW in place, the IRS Section 105 rules then allow full deduction of health insurance premiums and out-of-pocket medical expenses.
How does AgriplanNOW BizplanNOW work?
The spouse becomes an employee in the business. The business owner provides the employed spouse a compensation package that includes a reasonable wage for necessary business duties and a benefit package that includes reimbursement of health care expenses. These expenses are now a business expense and are 100 percent deductible.
How much will I save?
The average AgriplanNow BizplanNOW participant saves a minimum average of $5000 annually in taxes. In past years AgriplanNOW BizplanNOW participants collectively deducted nearly three hundred million dollars from their taxes.
How much does it cost?
AgriplanNOW BizplanNOW costs $475 per year. Additional employees can be added to the plan for $95 each.
What features are offered inclusive with the plan?
Due to National Health Care Reform AgriplanNOW BizplanNOW offers a suit of benefits which include:
- All plan documentation including adjustments due to National Health Care Reform ( SPD, SBC, etc.)
- Carryover feature
- Benefit Card (used for seamless payment of medical expenses)
- Online Website support for daily reporting and tracking if the client wishes.
- Wage Payment and Tax Reporting Options (Free payroll service in 43 states)
- Age 26 tracking
- Audit Guarantee
- PCORI Filing as required by Health Care Reform
Why do I need AgriplanNOW BizplanNOW?
AgriplanNOW BizplanNOW, formerly Agriplan Bizplan, developed in 1986 simplifies the accounting procedures and provides administration and documentation required to maintain a proper Section 105 Medical Reimbursement Plan. That includes a Plan Document, an Adoption Agreement, A required Summary Plan Description, an annual Documentation of Benefits Paid and a Third Party Adjudication of Claims. AgriplanNOW BizplanNOW also offers an Audit Guarantee to all participants.