Modified Adjusted Gross Income, or MAGI, is a measure used by the IRS to determine eligibility for certain deductions, credits (including premium tax credits), or retirement plans.
Although the term MAGI is frequently used, few small business owners understand what it is, how it’s used, or how to calculate it. In this article, we’ll provide four surprisingly simple tips for understanding MAGI. Continue reading
The overwhelming majority of individuals who enrolled in plans offered through public health insurance exchanges during the 2015 open season have paid their premiums and still have active coverage, the U.S. Department of Health and Human Services said Tuesday.
As of March 31, 10.2 million of the 11.7 million Americans who opted for coverage, or just over 87%, paid premiums for their first month of coverage or still have time to pay the premium under exchange grace periods. Continue reading
While the Great Recession seems like a thing of the past, small business owners are still recovering. And while optimism is growing, owners say top small business challenges for 2015 are financial security, recruiting quality employees, offering the benefits employees want, and creating a competitive edge. Continue reading
The DOL Audit can be completely random. Many employers are out of compliance with ERISA and don’t even know it. The DOL has substantially increased its auditing efforts. In fact, the DOL announced last year that their goal is to audit all businesses in the U.S. within the next 3-4 years. Continue reading
The Obama administration on Monday put health insurance companies on notice that they must cover all forms of female contraception, including the patch and intrauterine devices, without imposing co-payments or other charges. Continue reading
Benefits exist because they appeal to employees in a different way than do hard dollars. But how rich should a benefits menu be at a company that’s determined to hang on to top performers and build a team by making great hires? And are the companies that offer solid plans communicating the value properly? Continue reading
Surely you’ve heard talk of the Fair Labor Standards Act (FLSA). Perhaps you have questions like, what is it exactly? What are the implications for employers? How does the FLSA affect productivity at your place of business? What are the compliance components I need to know about? In this article we will discuss everything the FLSA entails so you can be up to date on the latest information. Continue reading
Employees and retirees will see U.S. pharmacy cost increases reach the low double-digits by 2016 due in part to rising specialty drug costs, according to an analysis by Aon Hewitt released Monday. Continue reading
