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Frequently Asked Questions

What does AgriPlan/BizPlan offer?

AgriPlan (for farmers) and BizPlan (for small business owners) are Internal Revenue Code Section 105 Medical Reimbursement Plans available to business owners across the nation. Sole proprietors, corporations, limited liability companies, and partnerships utilize the administrative services of AgriPlan/BizPlan to save substantial tax dollars annually.  AgriPlan/BizPlan services allow businesses to deduct 100 percent of their family health insurance premiums and out-of-pocket medical, vision, and dental expenses not covered by insurance.

Who qualifies for AgriPlan/BizPlan?

To qualify for AgriPlan or BizPlan, a business owner must be able to legitimately employ his or her spouse. (For C corporations, family employment is not necessary.) Those who qualify include sole proprietors, partnerships, limited liability companies and corporations (including sub-chapter S corporations).

How does AgriPlan/BizPlan 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 expenses and are 100 percent deductible.

How much will I save?

The average AgriPlan/BizPlan participants save more than $2,450 annually in taxes. Last year.

If I use Krumm & Associates C.P.A.’s and Consultants to set up my AgriPlan/BizPlan do I also have to switch all my accounting and tax preparation needs to them as well?

 Setting No; Krumm & Associates C.P.A.’s and Consultants will assist you just with setting up your AgriPlan/BizPlan and you continue to work with your current accountant/tax preparer, or Krumm & Associates C.P.A.’s and Consultants can provide you with the set up of your AgriPlan/BizPlan and all of your other accounting and tax need’s, the choice is always yours.

How much does it cost?

AgriPlan/BizPlan cost $195 per year. Additional employees can be added to Plan for $50.

How much time does it take to set up and maintain the Plan?

Setting up an AgriPlan/BizPlan is extremely easy. You simply enroll in the Plan, employ your spouse by establishing a compensation package and reimburse your employee's medical expenses. Annual duties include submitting benefit expenses to AgriPlan/BizPlan for review, renewing your Plan and re-electing your benefits. AgriPlan/BizPlan provides all the required documents and forms and toll-free support.

About the AgriPlan/BizPlan Debit Card

Designed especially for the Clients of AgriPlan/BizPlan, the Benefits Card allows you to pay for your out-of-pocket medical expenses with the swipe of a card. Attach this card to any bank account to have funds automatically deducted. There is no additional charge for this service.

Why do I need AgriPlan/BizPlan?

AgriPlan/BizPlan, developed in 1986, simplifies the accounting procedures and provides the 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. AgriPlan/BizPlan also offers an Audit Guarantee to all Participants.

How Much Money Can You Save?

Simply use the following formula and our savings calculator to find out how much AgriPlan / BizPlan can save you. If you have any questions at all, please feel free to call us for assistance.

1. Add together the following... your family medical & long-term care insurance premiums. PLUS your family non-insured medical expenses to get the total tax deductible expenses.

2. Identify your appropriate tax multiplier... you do this by establishing what your taxable income and federal tax is.  Then you can identify the appropriate multiplier in the third row.

3. Now simply take your total from item #1 and multiply it by the multiplier identified in item #2 to get your estimated tax savings.

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