As healthcare costs continue to skyrocket, our farm families are looking for every opportunity to offset these rising costs. To better serve you and bring increased value to your membership, the Oklahoma Farm Bureau recently partnered with Total Administrative Service Corporation (TASC), who specializes in creating tax deductible savings for healthcare insurance and out of pocket medical expenses.
TASC is a nationally recognized company and the largest privately held third-party benefits administrator. For over 40 years, TASC has been helping farm families keep more money in their pockets and give less to the IRS. In 2015, the average tax savings was over $5000. The company is headquartered in Madison, WI with regional offices throughout the United States. TASC does have a regional office in Oklahoma City, which covers the state of Oklahoma.
Healthcare Costs are Rapidly Rising
Everyone feels the pain of the rising cost of medical expenses. Consider these startling facts: According to The Kaiser Family Foundation’s Employer Health Benefits Annual Survey, in 2014 the average annual insurance premium for family coverage was $16,834; it was $9,950 in 2004.That’s a 69% jump in premium expenses in just over 10 years!
Another survey by the Kaiser Family Foundation uncovered these startling facts: One in five families said that over the previous 12-month period they’d experienced serious financial problems due to family medical bills; 27% put off or postponed getting medical care they needed; and 34% reported skipping dental care or checkups.
TASC has solutions:
AgriPlan HRA Plan
AgriPlan Health Reimbursement Arrangements (HRAs) save substantial tax dollars annually by allowing family farmers to deduct 100 percent of their family’s health insurance premiums (including health, dental, vision, long term care and disability) and almost all out-of-pocket medical expenses. Insurance is deductible whether it is from a major carrier, Obama Care or even Medicare. AgriPlan helps ensure that all IRS requirements are met and we offer a 100% audit guarantee (which your Accountant will appreciate). The average savings for this type of plan is over $5,000 a year!
If you currently spend $5000 or more on healthcare insurance and out of pocket medical expenses, you should look into AgriPlan. *This plan is for married couples, unless your only employees are family members.
For more information
Call TASC’s toll-free hotline at 855-591-0562 today! A TASC Microbusiness Specialist will answer all your questions about your eligibility and advise you on how to move forward. Or email microbusiness@tasconline.com for more information on how this program can work for you.
If you prefer, you might have your tax professional contact Peter LaTona, Regional Sales Director for Oklahoma to schedule a call: peter.latona@tasconline.com.
