What happens if I have a medical reimbursement?
Many missionaries enjoy the benefit of being involved in the Health Care Sharing Ministry provided by First Baptist Church. As part of this ministry, a missionary may be reimbursed for medical expenses he initially paid. If this reimbursement comes through the FBMI business account, a missionary must be careful to handle this money correctly to avoid paying taxes on this amount. Please keep the following things in mind for a medical reimbursement paid to your FBMI business account:
1. Do not add the amount of a medical reimbursement anywhere on the End of Month Report (EOM).
2. Withdraw or transfer the amount of the medical reimbursement from your business account the same month in which the reimbursement was received. (You should withdraw at least that much above your personal salary and other withdrawals to ensure there are no tax implications.)
If you have any questions about the Health Care Sharing Ministry and your benefits, please feel to reach out to our office or to contact Laura Goodall at First Baptist Church (laura.goodall@fbchammond.com).
